Category Archives: Taxes

Individual Tax Rates

Are Social Security Benefits Taxable?

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits such as wages, self-employment, interest, dividends and other taxable income…
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What to Do If You Are Missing Important Tax Forms

If you are ready to file your taxes but are missing important tax forms here's what you should do:Form W-2You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2019 earnings and withheld taxes no later…
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Student Loans: Cancellation of Debt Relief

Taxpayers who took out federal or private student loans to finance their attendance at a nonprofit or for-profit school now qualify for safe harbor with regard to cancellation of debt income for discharged student loans. Relief is also extended to any creditor that would otherwise be required to file information returns and furnish payee statements…
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Six Facts About Form 1040-SR

Taxpayers aged 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors, thanks to the Bipartisan Budget Act of 2018, which required the IRS to create a new tax form for seniors. Here are six facts you should know:1. Form 1040-SR is designed with larger font size (i.e., "large print") as…
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