Phone: 215-667-8839

www.ExcellenceTaxServices.com


Fishtown: 2645 E Lehigh Ave Philadelphia, PA 19125

info@ExcellenceTaxServices.com

Northeast Philadelphia Tax Preparation Services Newsletters - Summer 2011

TAXATION OF
SOCIAL SECURITY BENEFITS



 

Many seniors are surprised to find out that sometimes their social security benefits are taxed, depending on how much other income they have for the year. Social security benefits are taxed when a taxpayer’s adjusted gross income plus one-half of the social security benefits exceed a predetermined “base amount.” Then, the taxpayer is required to report up to 50% of benefits received. A different threshold applies to taxpayers with higher incomes. These taxpayers must pay tax on their benefits if their income exceeds an “adjusted base amount,” requiring these taxpayers to include in income up to 85% of the benefits received.

 

The “base amount” is as follows:

 

  • $32,000 for married taxpayers filing a joint return;
  • $0 for certain married taxpayers filing separately; and
  • $25,000 for all other taxpayers.
  • $44,000 for married taxpayers filing a joint return;
  • $0 for certain married taxpayers filing separately; and
  • $34,000 for all other taxpayers.

The “adjusted base amount” is as follows:

 

·         $44,000 for married taxpayers filing a joint return;

·         $0 for certain married taxpayers filing separately; and

·         $34,000 for all other taxpayers.

If you expect a higher than normal income for the year, inform your Northeast Philadelphia Tax Accountant and they will do a preliminary estimate of the taxes you may owe on your social security benefits.




 

In preparing your small business tax return for your Northeast Philadelphia Small Business, please do not hesitate in contacting your Northeast Philadelphia Tax Accountants at 215-667-8839. We proudly provide accounting and tax preparation to small businesses in Northeast Philadelphia.


Source:

National Society of Tax Professionals

About Us:

Excellence Accounting and Tax Services are your Northeast Philadelphia Tax Accountants with 24 years of combined Accounting, Tax, and Auditing Experience. We provide Accounting and Tax Preparation Services to Small Businesses in Northeast Philadelphia. We also have other tax locations in Northern Liberties in Philadelphia.



If you have any question on what is deductible for your Northeast Philadelphia Business, please do not hesitate in contacting your Northeast Philadelphia Tax Accountants. We proudly provide tax preparation and accounting to Northeast Philadelphia. Please do not hesitate in contacting us at 215-667-8839 or visit our website at www.excellencetaxservices.com
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