FAQs about Social Security Retirement Benefits

For years, people have questioned the long-term viability of the Social Security system. In June, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. It projects that the combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds will become depleted in 2034. Continue Reading

Five Last-Minute Moves to Lower Your 2015 Tax Bill

Tax Day is right around the corner. Have you filed your federal tax return yet? The filing deadline to submit 2015 individual federal income tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C., will celebrate Emancipation Day on Friday, April 15, which pushes the deadline to the following Monday for most of the nation. The deadline will be Tuesday, Continue Reading

Will Congress Resolve Taxing Issues for Internet Sellers?

The Internet Tax Freedom Act (ITFA) is currently set to expire at the end of September. A bill to permanently extend the ITFA passed the House in June and is awaiting approval by the Senate. There's a common misconception that the ITFA provides businesses with a "get-out-of-tax" card. In truth, however, it does not give businesses a blanket exemption from tax obligations on transactions conducted Continue Reading

What’s New on Your 2013 Form 1040

Last year's W-2s and 1099s should be arriving in your mailbox or inbox soon. So it's officially time to start thinking about filing your 2013 personal tax return. Here's what you need to know about the key tax law changes that took effect in 2013: Higher Rates for Upper-Income Individuals Most individuals will pay the same federal income tax rates for 2013 that they did for 2012 (10, 15, Continue Reading

Important Tax Figures for 2014

The following table provides some important federal tax information for 2014, as compared with 2013. Some of the dollar amounts change due to inflation. Other amounts are changing due to legislation. Social Security/ Medicare 2014 2013 Social Security Tax Wage Base $117,000 $113,700 Medicare Tax Wage Base No limit No limit Employee portion of Social Continue Reading

Six Important Financial Issues for Same-Sex Couples

The long-term repercussions of a landmark Supreme Court case (United States v. Windsor), which struck down part of the Defense of Marriage Act (DOMA), will likely take years to sort out. In the meantime, individuals and employers must address the changes that took effect almost immediately for same-sex couples. Based on guidance recently issued by the federal government -- with more scheduled Continue Reading