Senior Citizen Discount for Taxes

Guest post, by Kate Moss, Relationship Manager with Equanimity Wealth Management Jadranko Tomic Bobas, J.D., Managing Hotline Attorney at Elder Law of Michigan Being eligible to use senior citizen discounts is like a rite of passage in life. It says, ‘You’ve made it!’ Be proud of your age and take your senior citizen discount at McDonald’s for coffee, get cheaper movie tickets and even ask … Continue reading Senior Citizen Discount for Taxes

Social Security and Self-Employment

By Vonda Vantil, Social Security Public Affairs Specialist If you are not self-employed, Social Security taxes are typically taken out of your paycheck automatically. You and your employer each pay a 6.2 percent Social Security tax on up to $132,900 of your earnings and a 1.45 percent Medicare tax on all earnings in 2019. You don’t have to do anything extra for the coverage you … Continue reading Social Security and Self-Employment

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Earned Income Tax Credit (EITC): Grandparents Caring for Grandchildren

By Darling Garcia, Director of Community Services at Elder Law of Michigan  The Earned Income Tax Credit (EITC) is a benefit for low to moderate income earners where the amount of tax owed is reduced and earners may receive an EITC refund. In a nutshell, to qualify for the EITC, individuals must earn income from working for someone or from self-employment and meet basic rules. There are … Continue reading Earned Income Tax Credit (EITC): Grandparents Caring for Grandchildren

Get Your Social Security Benefit Statement (SSA-1099)

By Vonda Vantil, Social Security Public Affairs Specialist Tax season is approaching, and Social Security has made replacing your annual Benefit Statement, also known as the SSA-1099 or the SSA-1042S, even easier. Now you can get a copy of your 1099 anytime and anywhere you want using our online services. A Social Security 1099 is a tax form Social Security mails each year in January … Continue reading Get Your Social Security Benefit Statement (SSA-1099)

(Mid-America Pension Rights Project): Retirement Planning Mistakes You Probably Don’t Realize You’re Making

Via CNN Money By Maurie Backman Though retirement can be a fulfilling time in people’s lives, it can also be a stressful one. This especially holds true if you fall victim to the following mistakes, so be sure to avoid them at all costs. 1. Relying too heavily on Social Security Millions of seniors collect Social Security in retirement, and those monthly payments play a … Continue reading (Mid-America Pension Rights Project): Retirement Planning Mistakes You Probably Don’t Realize You’re Making

Social Security When You Are Self-Employed

By: Vonda VanTil, Social Security Public Affairs Specialist Most people who pay into Social Security work for an employer. Their employer deducts Social Security taxes from their paycheck, matches that contribution, sends taxes to the Internal Revenue Service (IRS), and reports wages to Social Security. However, self-employed people must report their earnings and pay their Social Security taxes directly to the IRS. These taxes will … Continue reading Social Security When You Are Self-Employed

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Facts You Should Know About Enrolling In Medicare Part A & B

By: Vonda VanTil, Social Security Public Affairs Specialist Understanding Medicare isn’t as difficult as you might think. It’s a benefit most working Americans can count on. Here are some facts you might not know about the program. Can I still get Medicare at 65? Yes, you’re eligible for Medicare starting at 65, no matter what year you were born. If you or your spouse worked … Continue reading Facts You Should Know About Enrolling In Medicare Part A & B