Avoid tax-time surprises of large refunds or unexpected tax bills by bringing your estimated taxes in line with what you will actually owe: Check your withholding. If you’re an employee, work with your tax professional or use the IRS Withholding Calculator to check that your withholding is correct. Report any important life changes. If you’ve recently gotten married, had a child, gotten divorced, or added other dependents, you may need to adjust your withholding. If you have changed your name, make sure to file the change with the Social Security Administration to avoid errors at tax time. Have multiple sources of income? If you work multiple jobs or receive reportable income from other sources, you may need to make estimated tax payments. Consult your tax professional for help. To learn more about adjusting your tax withholding or paying estimated taxes, ask your tax professional or check Publication 505, Tax Withholding […]
Financial Steps After the Loss of a Loved One This week we take on the question about what to do after a loved one’s death. take some time to heal avoid penalties on the distribution don’t forget about Social Security benefits update your beneficiaries So above we have given a video lecture about steps to be taken after death (or even divorce). If you did not watch the video yet then watch it now. If you like the video and our article then please tell others about these and spread the knowledge, share it with your family and friends. Come regularly and read our blog and stay connected with us for more cool tips and knowledge.
You may be eligible to start drawing Social Security as soon as you turn 62, but this doesn’t mean you necessarily should. By waiting a few years, you will get a higher monthly payment and potentially more total income. So how do you decide? If you need Social Security to get by, then the decision is easy: take it when you can. If you’re in the much happier situation where your family is earning good money without Social Security benefits (say your spouse is working a well-compensated job), then the decision is also fairly easy. Your Social Security, in this case, is going to be pretty heavily taxed, so don’t take it yet. But if all you care about is drawing the most Social Security you can before you die, the calculation is fairly simple: Let’s say you’re eligible to draw $1,100 a month when you turn 62, but you would […]