Attention Clients: If you do not provide me with your tax documents by Friday, April 9 at 7:00 pm, I am not able to guarantee that I will be able to file your taxes on time. That is April 15. I will be able to file an extension, but would not be able to calculate any tax due. An extension will allow you to file by October 15, but any tax due still has to be paid by April 15. Thank you,Raymond Wong, Senior Tax Professional Raymond Wong, EASenior Tax ProfessionalJ.R. […]
E. Napoletano and John Schmidt of Forbes.com break down what Social Security is, how it works, and who is eligible. If you receive a paycheck, you’re probably well acquainted with a little line item that says “Social Security Tax.” Although many people most associate it with our nation’s troubled retirement financing infrastructure, Social Security still provides income and benefits to older Americans and those who can no longer provide for themselves due to disability.
How much — or little — you know about Social Security can have a huge impact on your post-retirement finances. That’s especially true if you’re among the 64% of Americans with less than $10,000 in retirement savings. Levi Leidy from Yahoo!Finance explains more. A lack of savings was the primary reason Social Security was founded in the first place. In the height of the Great Depression, many older Americans were left penniless and without means to retire or even house themselves. The 1935 Social Security Act ensured that, even if […]
Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes. Most taxpayers have a choice of either taking the standard deduction or itemizing their deductions. The standard deduction may be quicker and easier, but, itemizing deductions may lower taxes more, in some situations. It’s important for all taxpayers to look into which deduction method best fits them.