News & Articles

Age Has its Privileges ... and Penalties

Posted on Mon, Mar 11, 2019

In an era filled with uncertainty, you can count on one thing: time marches on. Here are some important age-related financial and tax milestones to keep in mind for you and your loved ones:

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Tags: Benefits, Social Security

Benefits Cost Employers a Bundle

Posted on Wed, Mar 07, 2018

The national average paid out by employers for employee benefits is 39% of total payroll costs.

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Tags: Benefits, Employee

Maximize Social Security Benefits When You Retire

Posted on Wed, Sep 20, 2017

Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $16,920 in 2017 (up from $15,720 in 2016), you lose $1 in Social Security benefits. In the year you reach full retirement age, a higher earnings threshold applies. Your benefits will be reduced by $1 for every $3 of earnings only when earnings exceed $44,880 in 2017 if you reach full retirement age (up from $41,880 for 2016).

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Tags: Benefits, Retirement, Retirees, Social Security

Hockey Team's Meals at Away Games Were a De Minimis Fringe Benefit

Posted on Fri, Jul 14, 2017

The U.S. Tax Court recently ruled that the Boston Bruins hockey team's pregame meals to players and personnel at out-of-town hotels qualified as a de minimis fringe benefit under the Internal Revenue Code. Therefore, 100% of the cost of those meals could be deducted — it wasn't subject to the 50% tax code limitation.

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Tags: Benefits, Deductions, IRS, Employee Compensation, Deductible Costs

Setting Up a Special Needs Trust

Posted on Fri, Aug 05, 2016

Medical advances, an aging population, a changing political scene and the increase of conditions such as autism are combining to produce a growing need for a particular type of estate planning tool -- the special needs trust.

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Tags: Benefits, Trusts, Special Needs

FAQs about Social Security Retirement Benefits

Posted on Tue, Jul 19, 2016
For years, people have questioned the long-term viability of the Social Security system. In June, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. It projects that the combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds will become depleted in 2034. Additionally, the Disability Insurance Trust Fund will become depleted in 2023.

More generally, people approaching retirement age often have other questions about benefits they may be eligible to receive from the Social Security Administration (SSA). Here are the answers to several common inquiries.

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Tags: Benefits, Retirement, Social Security, Income Tax

Will You Have to Pay Tax on Social Security Benefits?

Posted on Sun, Nov 02, 2014

Some people are under the misconception that Social Security benefits are always free from federal income tax. However, depending on how much income you have from other sources, you may have to report up to 85 percent of your benefits as income on Form 1040 and pay the resulting federal income tax.

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Tags: Tax, EHTC Article, Benefits, Social Security, Newsletter, Articles, Provisional Income

Maximize Social Security Benefits When You Retire

Posted on Tue, Jul 01, 2014
 

Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $15,480 in 2014, you lose $1 in Social Security benefits (up from $15,120 in 2013). In the year you reach full retirement age, a higher earnings threshold applies. Your benefits will be reduced by $1 for every $3 of earnings only when earnings exceed $41,400 in 2014 if you reach full retirement age (up from $40,080 in 2013).

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Tags: EHTC Article, Benefits, Tax Planning, Retirement, Social Security, Articles