Social Security Cost of Living Increase

February 25, 2018

Social Security has announced the cost of living increase for 2007. This increase will be a 3.3% raise reflected in your January check. The Medicare Part B premium is also going up; this premium will have a $5 increase from $88.50 to $93.50, also effective in January 2007.

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Social Security Privatization is Not Dead

January 16, 2018

You may recall the Bush Administration suffered a defeat in their attempt to privatize Social Security. After this initiative failed due to public outcry, the focus of Bush’s presidency shifted back to the war in Iraq. This defeat does not mean the Republican efforts to outsource Social Security are finished, not by a long shot. [...]

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Social Security 1099 Forms

January 6, 2018

As of today Social Security has completed mailing form 1099 to all Disability and Retirement beneficiaries. The amounts on this 1099 have been reported to IRS for tax purposes. Remember, Social Security benefits (with the exception of SSI) are not exempt from Federal income tax. Whether or not you have to pay income tax at [...]

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Are Social Security Benefits Taxable?

October 28, 2017

Social Security benefits are not exempt from Federal income tax. This is true for both Social Security retirement and disability benefits. SSI benefits however, are not taxable. Whether or not you have to pay income taxes on these benefits depends on your total income for the year. For most people who receive Social Security benefits [...]

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Voluntary Tax Withholding

July 30, 2017

If you find yourself owing money to Uncle Sam every year in April, voluntary tax withholding from your Social Security benefits could be the answer for you. If you receive Social Security Retirement or Disability benefits you can designate a percentage of your benefit amount to be paid to the IRS each month. This amount [...]

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