Tag: Social Security

Social Security wage base, COLA set for 2024

Seniors got some welcome news this week, when the Social Security Administration (SSA) announced a cost-of-living adjustment (COLA) of 3.2% for both Social Security and Supplemental Security Income (SSI) benefits beginning in January 2024. COLA, which is based on the consumer...

Tax issues when operating a business as a married couple

One of the advantages of operating one's own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. The IRS points out some issues to consider when operating...

Social Security beneficiaries to receive 5.9% increase for 2022

On October 13, 2021, the Social Security Administration (SSA) announced that in 2022, benefits will increase by 5.9%. In addition, the Social Security wage base will increase from $142,800 to $147,000.  This change reflects the largest cost of living adjustment...

What to do if you’ve earned more than the yearly Social Security limit in the months before you retire

Sometimes people younger than full retirement age retire in the middle of the year and have already earned more than the yearly earnings limit. There is a special rule that applies to earnings for one year, usually the first year...

New year is good time to review basic rules surrounding Forms 1099-MISC and W-9

For most businesses, January means the annual completion of Forms 1099-MISC, which makes this a good time to review the basics surrounding this standard reporting procedure.  In general, amounts paid in the course of your trade or business to a...

Stimulus checks are coming, including for those who don’t typically need to file tax returns

The recently-passed CARES Act gives the IRS authority to automatically send the Economic Impact Payment to Americans who qualify at certain income thresholds.  Most will be evaluated as meeting the income criteria* as evidenced by their 2018 or 2019 income...

2019 Social Security benefits increase; 2.8% COLA increase

Each year, the Social Security Administration announce the annual cost-of-living adjustment (COLA). Usually, there is an increase in the Social Security and Supplemental Security Income (SSI) benefit amount people receive each month, starting the following January. Law requires that federal...

Getting retirement benefits abroad: What you need to know

If you plan on retiring overseas, it may still be possible to receive your retirement benefits while living abroad. Here's what the Social Security website advises: If you’ve worked in both the United States and another country, it may be possible...

Social security “file and suspend” changes

Up until a few weeks ago, if a married couple had one spouse at full retirement age (66 or older), the “file and suspend” strategy allowed the other spouse and/or a dependent to enjoy short-and long­-term benefits. But after April...

‘File and Suspend’ strategy to maximize social security may disappear

“File and suspend” is an advanced claiming strategy that has helped retirement savers at all income levels, especially women, maximize their social security benefits. Under the “file and suspend” strategy, one spouse files for Social Security benefits and then immediately suspends those...