With nearly 10,000 American Citizens turning 65 years old every day, it would be best to understand the tax ramifications and obligations of the senior taxpayer. A miscalculated amount for Social Security withholdings may generate an unforeseen tax bill. DWK Tax Group will provide IRS Tax Relief Today.
Social Security (SS) benefits serves a fantastic purpose to supplement income for our well- deserved contributors of a generation who has seen it all. Multiple wars fought, the rise of the internet, Michael Jordon and a walk on the moon. Social security is supposed to be a benefit to help with the daily grind of senior citizenship to glide through those golden years with no stress.
SS benefits are to include monthly retirement, survivor and disability payments.
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Supplemental Security Income (SSI) is not taxable.
What DWK Tax Group sees on a daily is the under withholding issue. Before we can understand the withholding issue some simple ground rules needs to be shared in Lyman terms;
• A SSA-1099 should be received by 1/31/2015.
• One half of SS benefits plus combined income (Including tax exempt interest, pensions, wages, real estate rental income, unemployment & damages via court order) are taxable if exceeding $25,000.
• $25,000 if single, head of household, or widow.
• $25,000 if filing married filing separately and living apart from spouse 100% all year.
• $32,000 if filing married filing jointly.
• Or, “0” if filing married filing separately and lived with spouse at any point during the year
In summary generally 50% is taxable however 85% could be taxable based on the following scenario;
• If combined income exceeds $34,000.
• If married filing jointly, $44,000.
• Married filing separately and lived with your spouse at any time during the year.
Got massive student loans? Got a court ordered child support obligation? Alimony? Mortgage payments absorbing a large amount of net income? Discover the tax resolving power of DWK Tax Group. Get IRS Tax Relief today.
Mission Statement:
Our mission is to provide the troubled taxpayer the most comprehensive, expedient, diligent service available to mankind. We will have a live representative to speak to the General Public at all times during the business hours of 6:00AM till 7:00PM PST.
We will assist the taxpayer with competent, carefully screened, properly credentialed Tax Attorneys / Enrolled Agents to find a resolution to the taxpayer liabilities. We are here to stop the process initiated by the IRS or State Taxing Agency! Get IRS Tax Relief today at DWK.
Call 1 – 8 6 6 – 2 2 6 – 6 1 0 2 for a NO COST (FREE) consultation to understand the nuances of your business, personal or estate obligations. 20 minutes of your time could eliminate the sleepless nights so many others are suffering. Ready for a conscious change? DWK will get it right the first time around. IRS Tax Relief done correctly today.
https://dwktaxgroup.com for more information