Miami Tax Filing
Social Security Retirement
Have you reported your income tax even after paying for taxes? This is extremely important to ensure everything is paid properly, and for the government to know all the sources of your income. If you’re not sure whether to report your income tax or not then you make sure that you contact a professional Miami Tax Filing consultant. If your income is less than $25,000 on a single tax return then you won’t have to pay for taxes for Social Security benefits. If your income is higher than $25,000 to $34,000, you will have to pay up to 50 percent of taxes. The percentage of taxes reduced will be between 50% – 85% if you filed jointly and had an income of $32,000. Your personal taxes involve half of social security benefits, your adjusted gross income, and tax-exempt interest. If you fail to pay taxes it would lead to penalties and criminal charges. You will not receive any credit towards Social Security retirement if you do not report your personal taxes.
Age and Social Security Benefits
After you’ve reached your full retirement, your earnings will not affect your Social Security benefits. However, there will a decrease of benefits if you do get paid more than the maximum limit of earnings when you reach your retirement age. If you’re younger than the retirement age and your benefits are withheld due to the fact that your earnings are more than $15,720 after a year of full retirement, your benefits will largely increase. The full retirement age is 66 for those born in 1943 to 1954, and slowly increases to those 67 people born in 1960 or later. It is very important that you report your earnings because they affect your Social Security benefits. Even if your benefits were withheld, but you had no earnings during that year, you will still need to report it. It is convenient to contact a Miami Tax Filing consultant to revise everything you’ve reported is correct and the earnings were the same as the pay stubs as what you’ve estimated.
Ensure you are reporting your income taxes correctly by contacting a Miami Tax Filing adviser today!
At Kerr Koncepts Inc. we offer a variety of accounting and tax needs while offering our customers a strategic approach to achieving their business objectives. For further information about our services Call today at (305) 387 – 5880 or click here to make an appointment.