2013 Tax Planning – Beware the New Taxes

There are at least six changes to the federal income tax laws which need to be considered in individual tax planning for 2013 and beyond: Increased Medicare tax for high-earning employees and self-employed [.9 percent] Surtax (Medicare contribution tax) on net investment income of higher-income individuals [3.8 percent] An increased top income tax rate of…

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How to Handle IRS Correspondence

As tax returns are processed by the IRS, some do not pass certain tests or meet specific criteria. IRS correspondence is initiated to obtain more information or clarify inconsistencies between information reported on the tax return and information reported by third parties, such as 1099’s, W-2’s, or 1098’s. Some new processing tests have been developed…

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Financial Planning

With more lower and middle income retirees relying on Social Security benefits to help bridge the gap between their savings and their needs, financial planning can help you know what to expect from Social Security and Medicare and avoid surprises. Whether you are currently retired or just looking forward to eventually retiring, it is always a good idea…

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Social Security – Some of the Basics

From January 1, 2011 to December 31, 2029, approximately 10,000 Americans will reach age 65 each and every day. Currently about 159 million people work and pay Social Security taxes. Monthly, Social Security benefits are paid to about 55 million people and about two-thirds of them are retirees. For 2012, Social Security taxes are paid…

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