Accessing your Social Security information has never been easier with your personal online my Social Security account. We recommend creating your account for ease of accessing your information, to prevent possible fraudulent creation of an account in your name, and to assist in your retirement planning. Creating your account is simple and allows you to […]
Taxability of Social Security Benefits
For those of you who have asked about the federal tax treatment of social security benefits, here’s some interesting information. The Adjusted Base Amount The portion of social security benefits that you must include in gross income depends on whether your modified adjusted gross income (MAGI), as described below, increased by one-half of the social […]
2017 Social Security Administration Update
In October, the Social Security Administration announced several important Social Security updates for 2017. The updates impact both people collecting Social Security benefits as well as those currently paying Social Security and Medicare taxes. These updates take effect January 1st, 2017. Below are a few of the key updates. Cost-of-Living Adjustment – The Cost-of-Living Adjustment […]
Frequently Asked Questions – Tax Season Resources
As we enter into tax filing season, we’d like to take this opportunity to address some frequently asked questions. You can check your Federal refund status by visiting their Where’s My Refund? page. The State of Michigan also offers a Where’s My Refund? page. We often get asked: Are my Social Security benefits taxable? Click […]
My Social Security Account
Did you know that you can get information on your Social Security benefits right from their website? Social Security has created a website where you can create an individual account. Within your account, you have access to do a variety of things. If you currently receive Social Security benefits, you can use your online account to: […]
Tax Season FAQs (Part 3 of 4)
A third common question asked during tax season is will I have to pay taxes on my social security benefits? If the benefits are supplemental security income, also known as SSI, those payments are not taxable. However, if the income includes monthly retirement, survivor, or disability benefits the question is not answered as easily as […]