Tuesday, July 31, 2018

Social Security benefits

Often Social Security benefits are a mystery especially when a spouse passes.  The surviving spouse is entitled to a benefit equal to 100% of the deceased benefits as long as the survivor wants until their full retirement age.  At 60 you could collect a survivor benefit but the benefit will be reduced.  What that means is do an analysis of what is best for you when considering taking a survivor benefit from Social Security.  Yes, it may be hard to understand but once you know what to do, you will rest easier.

Wednesday, July 25, 2018

New Medicare Cards

Medicare has begun to mail new ID cards to its millions of members.  The replacement cards will have a new assigned ID number.  These cards don't have your social security number.  The process of mailing new cards will take about a year.

It is important to note that scammers have found another new way to steal from the elderly.  The scammer calls and states you must pay a processing fee before you receive a new card.  Not True!  They may state you are due a refund on old cards so you give them your bank account number so they can deposit the refund into your account ( never give out your bank account number over the phone).

Friday, July 20, 2018

New Tax Rate "C" Corporations

Clients have asked and maybe hoped that under the new tax law "C" corporations no longer have what is considered a double taxation problem.

The new tax rate for "C" corporations is a flat rate of 21%.  Before the new tax laws "C" corporations were taxed at a graduated rate ranging from 15% to 35%.  The dividends paid to the shareholders are still taxed to them at their individual tax rates, so in fact "double taxation" has not gone away.

IRS Guidance on Tax Withholding for 2019

The beginning of the year is always a good opportunity to review w-4 withholdings for employees. On Tuesday, November 27, 2018, the IR...