Posts by Caras & Shulman

Social Security Benefits: Are They Taxable?

Social Security Benefits: Are They Taxable?

by | Mar 27, 2023 |

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. Your income and filing status affect whether you must pay taxes on your Social Security. About 40 percent of people who get Social Security must pay income taxes on their benefits.

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Refundable vs. Non-refundable Tax Credits

Refundable vs. Non-refundable Tax Credits

by | Mar 20, 2023 |

Tax credits can reduce your tax bill or give you a bigger refund, but not all tax credits are created equal. While most tax credits are refundable, some credits are nonrefundable. Still, before we look at the difference between refundable and nonrefundable tax credits, it’s important to understand the difference between a tax credit and a tax deduction.

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What To Do if You’re Missing Important Tax Documents

What To Do if You’re Missing Important Tax Documents

by | Mar 6, 2023 |

As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received 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 2022 earnings and withheld taxes no later than January 31, 2023

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Five Overlooked Tax Breaks for Individuals

Five Overlooked Tax Breaks for Individuals

by | Mar 3, 2023 |

Are you confused about which credits and deductions you can claim on your 2022 tax return? You’re not alone. With tax law becoming more complicated every year, it’s hard to remember which tax breaks are available in any given year. With that in mind, here are five tax breaks you might not want to overlook.

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