Financial planning anticipation of income tax obligations due on 4/15 of every year may require adjustments of various income sources. A basic understanding of the thresholds will assist you in your determination of a possible year end tax balance. The “single, unmarried” Taxpayer collecting Social Security (SS) benefits with a combined income exceeding $25,000.00 will need to pay taxes for the designated tax year or period. If the Taxpayer is “married filing jointly” and has a combine income sources that exceed $32,000.00 will need to pay taxes for the tax year. For example, Single taxpayer has a retirement pension for the amount of $17,935 from the Sheet Metal Workers Pension Fund, he has a SS benefit of $7,066.00 ($17,935 + $7066 = $25,001) on a yearly basis, fifty percent (50%) of the SS benefit is taxable income. Furthermore, eighty five percent (85%) of SS benefits is deemed taxable if the annual income exceeds $34,000.00 / $44,000.00 if married filing jointly. Does the Taxpayer yearly income surpass the thresholds? It is fair to assume the Taxpayer will have a tax return filing requirement. Click on http://dwktaxgroup.com/ for more back tax resolution inquiries or ring us, toll free at 1 – 8 6 6 – 2 2 6 – 6 1 0 2 for a friendly, non invasive conversation of the unique tax oriented variables, a discussion is necessary to ascertain the ability for DWK Tax Group to actually help you.
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