Score a 2020 Arizona Tax Credit

Doing an Arizona tax credit donation is a great way to receive a dollar for dollar reduction on your Arizona state tax while also giving to charitable organizations you feel strongly about. Generally, any donation claimed as an Arizona tax credit is not deductible on the federal return. However, there is an exception if your …

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Social Security benefits gets a bump for 2021

Good news! The Social Security Administration just announced a 1.3% cost-of-living adjustment (COLA) increase for Social Security and Supplemental Security Income (SSI) benefits for 2021. More than 64 million people collecting Social Security payments will see the increase in January 2021, with increased SSI payments to more than 8 million beginning December 31, 2020. For …

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Social Security: What to do when a family member dies

If you are a spouse, child or parent of someone who has died, you may qualify for Social Security benefits. To get spousal benefits, the deceased family member must have worked long enough under Social Security to qualify. A worker can earn up to four credits each year. In 2018, when a worker earns $5,280, …

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Get your Social Security Form SSA-1099 online

Sometimes a taxpayer’s Social Security tax form goes missing. You don’t need to visit a Social Security office to get a copy of your Form SSA-1099 or SSA-1042S to do your tax return. The Social Security Administration has made your statement available online. As reported by SocialSecurity.gov, an SSA-1099 is a tax form Social Security …

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MySocialSecurity Website Ups Its Security Protocol

The Social Security Administration has added a new step this month to protect your privacy as a mySocialSecurity user. This new requirement is the result of an executive order for federal agencies to provide more secure authentication for their online services. Any agency that provides online access to a customer’s personal information must use multifactor …

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When & How to Sign Up for Medicare Parts A & B

As more individuals push off retirement and getting Social Security, many are in danger of missing the enrollment period for Medicare Part B. In most cases, if you don’t sign up for Part B when you’re first eligible, you’ll have to pay a late enrollment penalty for as long as you have Part B. Your …

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Lose Your Medicare Card? Want a Social Security Estimate?

If you are a Medicare beneficiary and you have lost, damaged, or need to replace your Medicare card, you can easily order a replacement Medicare card using an online “my Social Security” account. If you are still working, use “my Social Security” account to view your yearly Social Security Statement and verify the accuracy of …

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Bipartisan Budget Bill 2015: Major Change to Social Security

It’s hard to guess where the tax law is headed, and nearly impossible to predict the direction of Social Security. Social Security is a topic that is widely debated in politics, as well as in the homes of millions of Americans. One of the only arguments that both parties from left to right can agree …

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No Social Security Changes in the Wage Base for 2016

The Social Security Administration announced that there will be no automatic increase in 2016 since there was no increase in the Consumer Price Index from the third quarter of 2014 to third quarter of 2015. With this said the tax rate for Social Security will stay the same at 6.20% and the maximum taxable earnings …

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Payroll Records…What Do I Need to Save?

Earlier this year, the IRS and Social Security Administration offered advice to employers in the Spring 2015 SSA/IRS Reporter on payroll record retention. The general record retention rule for payroll records applies to any employer that withholds and pays federal income, Social Security and Medicare taxes. The SSA/IRS Reporter says records relating to the above …

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