Are Your Social Security Benefits Taxable?
Posted by brumley in Income, Retirement, Tax on February 15, 2011
The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits. The information provided on this statement along with the following six facts below will help you determine whether or not your benefits are taxable.
Taxable vs Non-Taxable Income
Generally, most income you receive is considered taxable but there are situations when certain types of income are partially taxed or not taxed at all.
Tips on how to save at the grocery store
Posted by brumley in Budgeting, Personal Finance on February 13, 2011
If you’re serious about slashing household expenses, it’s important to focus on costs you can control. Some items — such as mortgage and utility payments — may claim a large slice of the budget pie, but they’re either fixed or relatively inflexible. Banks, for example, expect regular mortgage payments; landlords frown when you don’t pay [...]
Paying back the First Time Home Buyer Credit (..err..) Loan
Did you buy your current home between April and December of 2008 and claim the then-new federal tax credit for first-time homebuyers? If so, repayment of the credit begins this year, and the first installment is due with your 2010 tax return. You might already have received a letter from the IRS summarizing how much [...]
10 Tips about the Child Tax Credit
The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income
Claiming the First-Time Homebuyer Credit
If you purchased a home in 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time resident purchasing a new home. The purchaser must have been at least 18 years old on the date of purchase; for a married couple, only one spouse must meet [...]
Missing Your Form W-2?
If you do not receive your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an incorrect address.
5 Tips if You Changed Your Name Due to Marriage or Divorce
If you changed your name as a result of a recent marriage or divorce you’ll want to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration
Own Rental Property? Get ready to send 1099s.
Starting in 2011, there is a new tax requirement for landlords. All landlords who receive $600 or more in rent for the year must send a 1099 to all service providers that the landlord paid $600 or more during the year, such as plumbers, carpenters, yard services, and repair people.
5 Hidden Reasons You Need a Will
Most people don’t appreciate the full importance of a will, especially if they think their estate is too small to justify the time and expense of preparing one
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T Scott Brumley CPA
With more than thirty years experience in accounting, tax, finance, auditing, technology and business management, T Scott Brumley, CPA rolls up his sleeves and works with his clients to solve their complex business problems.
