Estate Planning Guide
E-newsletter

News

Saturday January 16, 2021

Trusts for Creative Spenders
Personal Planner
Trusts can be quite useful for protecting children. However, for some children, the trust serves an additional function:...
More
Is Social Security Income Taxable?
Savvy Living
I understand that a portion of Social Security benefits may be taxable even when I retire. Can you tell me how to calculate this? The requirement to pay federal income tax on your Social Security benefits will depend on your income and filing status. About 35% of Social Security recipients have total incomes high enough to trigger federal income tax on their benefits. To figure out if your benefits will be taxable, add up all of your "provisional income." This includes wages, taxable and non-taxable interest, dividends, pensions and taxable retirement-plan distributions, self-employment and other taxable income, then add half of your annual Social Security benefits and subtract certain...
More
IRS FAQ on Economic Impact Payments
Washington News
As millions of direct deposits, paper checks and debit cards are being issued to individuals, the IRS published frequently asked questions (FAQs) on IRS.gov. The second round of Economic Impact Payments will distribute $600 to individuals or $1,200 to married couples. There also will be an additional $600 per qualifying child. The stimulus payments are phased out for individuals with incomes over $75,000 and married couples with incomes over $150,000. The FAQs are very helpful because they answer common questions that millions of Americans have about the second round of stimulus payments. 1. Do you receive a letter or notice? Yes, the IRS will send a letter or notice to each recipient....
More
scriptsknown