Are Social Security benefits non-taxable in all situations?
- David Greene
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The answer is both “yes and “no.” Here’s what I mean. If your Social Security is truly your only income, it is not taxable. This is true whether it is Social Security Disability or your entitlement based on your age. …
Will Social Security payroll taxes deferred in 2020 have to be repaid?
- David Greene
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This new memo from our president concerning deferring certain payroll taxes, which was issued in August 2020, is still being implemented, so the answer is not clear. However, at this time, the taxes deferred in 2020 will have to be…
Can VA disability payments be levied by the IRS?
- David Greene
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There is a federal statute that generally protects VA disability income from attachment, levy or seizure. However, in a recent federal case from Colorado, the judge ruled that this statute does not apply to levies issued by the IRS so…
Can I be taxed in retirement? How?
- David Greene
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There are six primary ways you can be taxed in retirement: (1) Traditional IRA or 401(k) withdrawals – this money is always taxed when taken out, no matter at what age; (2) Social Security benefits – whether or not taxed…
How can collecting Social Security lead to an increase in your tax liability?
- David Greene
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One very common problem we see at the office arises when people begin collecting Social Security yet are not fully retired. When you begin collecting Social Security, the government considers you as “retired” and does not expect you to continue…