Paul Darafeev’s Post

Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case. Depending on how much “provisional income” you have, some benefits could be hit with federal tax. Provisional income is your adjusted gross income with some additional calculations. For example, if your provisional income is above $44,000, and you file jointly with your spouse, you must report up to 85% of your Social Security benefits as income on Form 1040. If you don’t file a joint return and your provisional income is above $34,000, you generally must report up to 85% of your Social Security benefits as income. We can calculate any tax on your benefits. #DukhonTax

Beware of a stealth tax on Social Security benefits! 🚨 Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case! Depending on how much “provisional income” you have, some benefits could be hit with federal tax. Provisional income is your adjusted gross income with some additional calculations. For example, if your provisional income is above $44,000, and you file jointly with your spouse, you must report up to 85% of your Social Security benefits as income on Form 1040. If you don’t file a joint return and your provisional income is above $34,000, you generally must report up to 85% of your Social Security benefits as income. Interested in learning more? Contact us! 💻 #hamptonroadsaccounting #newportnewsbusiness #AccountingInsights #SmallBusinessAccounting #accounting #accountingfirm #newportnewsva

Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case. Depending on how much “provisional income” you have, some benefits could be hit with federal tax. Provisional income is your adjusted gross income with some additional calculations. For example, if your provisional income is above $44,000, and you file jointly with your spouse, you must report up to 85% of your Social Security benefits as income on Form 1040. If you don’t file a joint return and your provisional income is above $34,000, you generally must report up to 85% of your Social Security benefits as income.

Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case. Depending on how much “provisional income” you have, some benefits could be hit with federal tax. Provisional income is your adjusted gross income with some additional calculations. For example, if your provisional income is above $44,000, and you file jointly with your spouse, you must report up to 85% of your Social Security benefits as income on Form 1040. If you don’t file a joint return and your provisional income is above $34,000, you generally must report up to 85% of your Social Security benefits as income.

Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case. Depending on how much “provisional income” you have, some benefits could be hit with federal tax. Provisional income is your adjusted gross income with some additional calculations. For example, if your provisional income is above $44,000, and you file jointly with your spouse, you must report up to 85% of your Social Security benefits as income on Form 1040. If you don’t file a joint return and your provisional income is above $34,000, you generally must report up to 85% of your Social Security benefits as income. We can calculate any tax on your benefits.

Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case. Depending on how much “provisional income” you have, some benefits could be hit with federal tax. Provisional income is your adjusted gross income with some additional calculations. For example, if your provisional income is above $44,000, and you file jointly with your spouse, you must report up to 85% of your Social Security benefits as income on Form 1040. If you don’t file a joint return and your provisional income is above $34,000, you generally must report up to 85% of your Social Security benefits as income. We can calculate any tax on your benefits.

Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case. Depending on how much “provisional income” you have, some benefits could be hit with federal tax. Provisional income is your adjusted gross income with some additional calculations. For example, if your provisional income is above $44,000, and you file jointly with your spouse, you must report up to 85% of your Social Security benefits as income on Form 1040. If you don’t file a joint return and your provisional income is above $34,000, you generally must report up to 85% of your Social Security benefits as income. We can calculate any tax on your benefits.

Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case. Depending on how much “provisional income” you have, some benefits could be hit with federal tax. Provisional income is your adjusted gross income with some additional calculations. For example, if your provisional income is above $44,000, and you file jointly with your spouse, you must report up to 85% of your Social Security benefits as income on Form 1040. If you don’t file a joint return and your provisional income is above $34,000, you generally must report up to 85% of your Social Security benefits as income. We can calculate any tax on your benefits.

Some people mistakenly think that Social Security benefits are free from federal income tax. Unfortunately, that’s often not the case. Depending on how much “provisional income” you have, some benefits could be hit with federal tax. Provisional income is your adjusted gross income with some additional calculations. For example, if your provisional income is above $44,000, and you file jointly with your spouse, you must report up to 85% of your Social Security benefits as income on Form 1040. If you don’t file a joint return and your provisional income is above $34,000, you generally must report up to 85% of your Social Security benefits as income. We can calculate any tax on your benefits.