Social Security Benefits: What are the Taxation Laws in Your State?

When it comes to social security benefits, you may be confused about whether or not they are taxed. The reason for this confusion is pretty clear too: there isn’t one law that applies to all states. Instead, how or if they’re taxed depends on where you live and the applicable laws.

No Income Tax

 To begin with, some states don’t have income tax at all. These states include:  

●       Alaska

●       Florida

●       Nevada

●       South Dakota

●       Texas

●       Washington

●       Wyoming  

And, even in states that do have income tax, some do not include social security benefits as taxable income. States on this list are:  

●       Alabama

●       Arkansas

●       California

●       DC

●       Hawaii

●       Indiana

●       Iowa

●       Kentucky

●       Louisiana

●       Maine

●       Maryland

●       Michigan

●       Mississippi

●       New Hampshire

●       New Jersey

●       North Carolina

●       Oregon

●       Pennsylvania

●       Tennessee

●       Wisconsin  

 

Federal Tax Laws  

So, what if you’re not in one of the above states? Well, there are still further breakdowns.  

Two states- Nebraska and Utah- actually tax social security benefits based on the federal laws that are in place. This means that only a portion of your social security income is taxable, and the amount depends on your filing status and your combined income, which is made up of your adjusted gross income, nontaxable interest, and half of your benefits.  

Exemption  

To make matters even more complicated, some states actually exempt any benefits that are federally taxable. This law applies to:  

●       Arizona

●       Colorado

●       Delaware

●       Georgia

●       Idaho

●       Illinois

●       Massachusetts

●       New York

●       Ohio

●       Oklahoma

●       South Carolina

●       Virginia  

Still feeling confused about what your state does in terms of social security benefits? Well, other states have special laws all their own. Even if your state was mentioned above, though, you may be unclear on what, exactly, these laws mean for you. If you’re still feeling unsure, remember that you can always address these issues and more with a tax professional. 

How to Choose a Tax Preparer

Tax season may only come once a year, but that due date always seems to come sooner than you expect. And, unfortunately, it’s not always easy to navigate the tax code and ensure that you are filing your taxes correctly and at maximum benefit to you. If you have any doubts or just don’t want to deal with the hassle, then it’s smart to just go ahead and hire a tax preparer.   

Before you do that, however, you’ll want to keep in mind that not all tax preparers are created equally and that you need to be selective about the person that you hire. The wrong adviser can end up making things worse, not better. Fortunately, though, choosing a good, knowledgeable tax preparer is easy, if you know how to go about it.

Qualifications Count

First things first, you want to make sure that the person you are hiring or thinking of hiring is actually qualified to handle your taxes in the first place. All legitimate tax preparers must have a preparer tax identification number (PTIN) that they should disclose to you without any problems. If a preparer doesn’t have or won’t disclose this number, steer clear.

You should also look for a tax preparer that has the necessary certifications within his chosen specialization area and that ideally belongs to a professional organization that holds its members to high ethical and educational standards.

Affordability

The whole point of hiring a tax preparer in the first place is to try and save some money.  Obviously, that’s not going to happen if your preparer is charging you an arm and a leg! Thus, find someone qualified but also someone who charges reasonable fees, typically no more than around $150 for a basic tax return.

Try and avoid preparers who make their money by taking a percentage of your income taxes since these preparers can sometimes be dishonest and may “fluff up” returns to get more profit, which could land you in some serious hot water!

Also, make sure that you know the fees AHEAD of time so that you don’t get trapped into paying unexpected fees.

Book Early!

As a final word of wisdom, bear in mind that the very best tax preparers are going to book fast, and the closer you get to tax season, the less likely it becomes that you’ll get the “best of the best” for filing your return.

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What Your Business Needs to Know about the new Overtime Rules

If your business and its employees are used to the old way of doing things when it comes to overtime rules, it’s time to wake up! New overtime rules have recently been released, and, unfortunately, the vast majority of businesses aren’t aware of the new rules and/or don’t believe that their businesses will be affected. Unfortunately, however, the statistics from the United States Department of Labor, which estimate that over 4 million workers will be affected by these new rules, don’t line up with those beliefs.

Under the new rules, the salary threshold is raised for many executive, administrative, and professional employees, when it comes to being exempt from the Fair Labor Standards Act. In December of this year, when the new rules take effect, the threshold will raise a vast amount, from $455 per week for exempt status to $913 per week.

It’s not just the salary threshold that will change either; the total annual compensation requirement necessary for the highly compensated employee exemption will also be raised. It’s moving from $100,000 per year to $134,004 per year.

If you think that your business may be affected in the coming months, then it’s time to take action now. With the help of a qualified financial adviser, you need to look at how your business and its bottom line may be affected by these changes and how you can avoid wage claims and other potential problems. The good news is that you still have time to make these changes and perform these preparations, so the sooner you get started, the better.

Perform an Audit

One of the best ways you can prepare your business for the rule change is to conduct an audit of all of your employees. This audit, which should be conducted with the assistance of a tax adviser and/or compensation specialist, should help you to know which of your employees will likely be affected by the rule changes. Once you have a better idea of how big of a change you are looking at, you and your helpers can more adequately prepare for that change and take steps to reduce the negative impact of it on your business and your employees.

Get the Right Tools Together

Another benefit of accurately understanding and evaluating the impact that these new rules will have on your business is that you can gather tools, such as compliance, time, and attendance software packages, that can help you to avoid back pay and stay in line with the new overtime rules.

The bottom line is that this change is coming, whether you want it to or not, and there is a good chance that, if you don’t prepare properly, it could end up having a vastly negative effect on your business. Don’t take that chance with the business you have built and with your livelihood; start planning and preparing now for best results.

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Road Taxes on the Rise

Many states take a percentage of taxpayers’ dollars and use them to pay for roads, bridges, and other transportation-related costs. A large number of states, however- a whopping one-fourth of them to be exact- have recently added a special tax just for transportation expenses. These same states are also charging higher fines and fees for road-related offenses in an effort to raise money.

While many taxpayers aren’t happy about the added costs, they make sense. Federal and state fuel taxes

aren’t generating as much revenue these days, due in large part to an increase in public transportation, more fuel-efficient vehicles on the road, and tax rates that, until now, haven’t changed to reflect the current times.

There are a few states, such as Georgia and Seattle that haven’t gotten onboard with the additional taxation yet, but many are speculating all states will have to make this change eventually.

If you’re being hit by an increase in taxes, talk with your tax advisor about how to circumvent the damage to your wallet. While you can’t escape required taxes, you can do other things, such as qualifying for more exemptions or boosting your savings rate, to make the impact less hard-hitting.

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What Should You Be Asking Your Tax Advisor?

Forbes recently released a list of six key questions the average person should be asking his or her tax advisor come the end of the year. What exactly were those questions? Well, number one on the list was whether you should accelerate or defer your income, while number two focused on what gains or losses, if any, you should take. The third question was whether or not you should do a Roth conversion, and the fourth was whether you should make any changes to your employee benefits. The fifth and sixth questions focused on family gifts and donations and which ones you should be making.

While these questions are a good starting point, remember that the end of the year is also a time to review your overall experience withyour tax advisor and to take an in depth look at your finances in order to come up with your own personalized questions.

If you don’t currently have a tax advisor, or if you find, during your review, that you’re less than satisfied with your current one, then it’s likely time to make a change. You can find a great tax advisor to help you through the end of the year and the entire year to come (and beyond!) at Susan S. Lewis Ltd. of Naperville.

Legal Tax Loopholes

If you’re going to hire a tax advisor, you’d be smart to hire one like Feargal O’Rourke, a man who knows tax law so well that he’s helped many high profile clients around the world to take advantage of legal tax loopholes. These are the same loopholes that have allowed major companies, such as Apple and Google, to save billions of dollars over the years. Unfortunately for companies such as these, tax officials are starting to catch on and are making efforts to close the very loopholes people have been taking advantage of. Even as they do that, O’Rourke has been able to find additional “ways out” and to help individuals and companies to continue saving money.

While it’s likely that all tax loopholes will be closed in the future as those making the laws become more and more aware of them and while individuals and corporations likely won’t be able to lean on these laws in the future, it can still come in handy to have a tax advisor who knows the ins and outs of tax law. There are so many ways to save money on taxes when you’re working with someone who knows his or her stuff; you can find that “someone” at Susan S. Lewis, Ltd. of Naperville.

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Saving Money at Tax Time

No one likes to be hit with a big bill when tax time rolls around. If this has happened to you recently, changes are that you’re either not working with a Naperville tax advisor or you’re not working with the right one. While many people cannot avoid paying back something come tax time, paying very large sums of money year after year could indicate that you (or your accountant) aren’t doing something right. If you’ve been unhappy with tax amounts in the past, consider these tips for saving money and making tax payments more manageable.

You may, for example, wish to ask your Naperville tax advisor about making quarterly tax payments rather than just making payments all at once. You may still end up paying the same amount in taxes, but it’s a lot easier to pay large tax amounts in three installments than it is to pay everything in one go. Plus, if you let your accountant handle all the tax forms and paperwork, quarterly filing doesn’t have to be a big hassle for you.

It’s also not a bad idea to consider opening up a retirement account. There are several different types of accounts available, which allows you to stay in control, and you’ll also be able to cut down on your taxable income. Not only will you be saving money on your taxes, but you’ll also be saving money for the future, so this is truly a win-win option no matter how you look at it.

Important Tax Preparation Tips

Naperville tax preparation is, to put it plainly and simply, not a fun process. There’s nothing worse, however, than having to repeat the process more than once because you’ve made a careless error. One of the most common mistakes people make is simply not filing their taxes on time. There are deadlines for different types of tax forms, and you need to know what those are and abide by them. If you don’t, you may be forced to pay hefty penalties for late filing, potentially causing you to lose a huge chunk of your return or to have to pay even more than you bargained for.

Another common error is so simple that it might surprise you. Many people forget to include their social security numbers on their tax forms or include an incorrect social security number. Some tax filers simply don’t have their social security cards handy and plan to fill in the numbers later, when they have them available. What often happens, however, is that later never comes and people forget this important step in the process. Others will think they have their social security numbers memorized and will write them on their forms during the Naperville tax preparation process, only to find out later that they didn’t know that number quite as well as they thought.

These are just two examples of literally thousands of small errors that can delay the tax process and mean more work for you. The simplest way to avoid these errors is to seek assistance from a Naperville tax advisor as you fill out your tax forms.

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Think Like an Appraiser

Knowing how these valuation gurus work can help you figure out what your home is really worth.

By Alison Rogers

When it comes to assessing a home’s value, real estate agents and homeowners tend to be an optimistic bunch. In the post-bust world, appraisers are a different story. They have to predict a realistic value for your home that the bank can use to extend credit to a borrower—and that number can make or break your sale or refinance. Appraisers say the following five areas are where homeowners often misjudge the worth of their abode.

The Outside
The appraiser sees: Overgrown bushes and chipped paint.
What he does: Slices as much as 3% off the value of an average-size home.
Why: Curb appeal is primo. And an unkempt yard is a sign that there may be other issues. “A good-looking lawn and bushes imply that you also take care of the internal systems in the house,” says Jonathan Miller, president and CEO of a New York City–based appraisal firm that works throughout the tri-state area.

Moreover, the more meticulous your neighbors are about grooming, the more your appraiser will downgrade the value of your home. “If a lot of the nearby properties are professionally maintained, the one that sticks out like a sore thumb will get a harder adjustment than in a subdivision where there’s more variation,” says San Diego appraiser Armando Ortiz.

Basic Systems
The appraiser sees: A brand-new roof.
What he does: Nothing.
Why: Just as a knee replacement won’t make you look 20 years younger, a new roof, furnace, or boiler isn’t considered an improvement to your home. That said, if your roof is in disrepair, replace it: Signs of leaks or discoloration can knock a significant amount off the home’s value. “When people buy a home, they expect the roof to be working,” says Columbus appraiser Mike Armentrout. “So while a new one isn’t an added feature, it will help your chances of a sale.”

The Basement
The appraiser sees: A recently finished basement with a half bath.
What he does: Adds about 2% to the value of the home.
Why: Yes, your finished basement adds value—but don’t expect it to count like first-floor space. The addition of a bedroom and quarter bath on the ground floor could increase your home’s value by up to 20%, especially if you’ve got only one other bathroom. “A below-ground basement normally isn’t included in the square footage of the house,” says Miller. The same rule applies to outbuildings like a pool-house casita, painting shed or studio.

The Market
The appraiser hears: Two nearby homes just went into contract above their asking prices.
What he does: Nothing.
Why: While a broker might pump up a home’s asking price based on the sense that the market is “hot,” by and large, appraisers are bound by the data of recent comparable sales.

What if prices are suddenly up in your area, and you’re nervous that your house won’t appraise for contract price? In that case, you might want to delay your appraisal until one of those recently contracted sales closes.

A Remodel
The appraiser sees: An expensive, custom-made, built-in entertainment center.
What he does: Makes a negative adjustment to the valuation.
Why: “Cost doesn’t equal value,” says Miller. Renovations that are at all trendy—or not in keeping with the historical period of the home—will be assessed at the cost of ripping them out. Timeless improvements, on the other hand, such as a deep sink or new wooden cabinets in the kitchen, will add value. So if you’re thinking of remodeling, ask a local real estate agent to tell you what’s on the wish list of today’s buyers.

Next on the List: Pump Up Your Appraisal
These small projects are likely to give you a dollar-for-dollar return on your investment—and make the home more salable.

Spruce Up Landscaping
Fill in lawn spots, add shrubbery, tidy borders and mulch.
Result: Up to $5,000

Buy Stainless-Steel Appliances*
Make sure you get brands similar to your neighbors’.
Result: Up to $7,000

Refinish Existing Wood Floors**
Sand, stain and apply polyurethane to an existing wood floor.
Result: Up to $3,000

Create a Walk-in Closet
Spend less if you aren’t moving interior partition walls.
Result: Up to $2,000

*Appliances are for a mid-range oven, refrigerator, microwave and dishwasher.
**Wood floors are for the first floor of an average-size home.

Source: Money research

Adapted from the August 2012 issue of Money. © 2012 Time Inc. All rights reserved.

Considering a home sale or renovation? Check with Susan S. Lewis, your Naperville Tax advisor to determine what tax benefits you may benefit from with your decisions.

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Don't Panic

With all the demands on your money—the needs of your kids and those of your parents, not to mention your own ambitions—it often seems like there’s not enough cash to go around. The solution: Set priorities that are flexible, but not too flexible.
By George Mannes

The economy has taken recent and multiple nosedives, so family and friends may be giving you all sorts of unsolicited financial advice: Uncle Joe touting the benefits of gold, PTA moms declaring that they're cashing in all their investments. Are these words of wisdom? No, says Eleanor Blayney, a consumer advocate for the Certified Financial Planner Board of Standards. During these tough, unpredictable times, bear in mind these smart money don'ts.

DON'T get caught up in the gold rush.

Buying commodities (cotton, oil and-- the big one these days-- gold) may earn you good returns in moments of economic uncertainty. But the potential profit comes with a lot of added risk. Prices for raw materials tend to move in cycles, so by the time casual investors catch on, it's usually too late to benefit much-- and you may be just in time to lose your savings, says Jack Plunkett, chief executive of Plunkett Research, a market-research firm in Houston. A more measured approach? Consider looking for mutual funds that will benefit if a particular commodity goes up. (If you want to invest in oil, say, buy shares in a mutual fund that emphasizes energy companies.)

DON'T borrow from your 401(k).

Raiding your account is easier than sweet-talking a bank. But this is one of the last places you should borrow money from, especially in precarious times, says Sheryl Garrett, founder of the Garrett Planning Network, an organization of fee-based financial advisers in Shawnee Mission, Kans. If you lose or quit your job, the loan will come due immediately. And if you're 59 1/2 or younger and can't repay the balance, you will owe taxes and a 10% penalty for early withdrawal.

And, above all, DON'T cash in your mutual funds.

"This is one of the worst panic moves you can make"; says Blayney. If you sell when the market is down, you miss out on the chance to potentially recoup that money when stocks rebound.

Contact Naperville Tax Advisor, Susan S. Lewis Ltd., for additional information, her mantra is to help you keep more of what you earn.

From the August 2010 issue of Money
© 2011 Time Inc.

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When the Low Rate Is Out of Reach

Mortgages are cheap, but many borrowers can't qualify for the best rates—or get a loan at all. Here's how to tilt the odds back in your favor.

By Sarah Max
For some would-be buyers and refinancers, today's mortgage rates are the ultimate tease.

Loan (Photo credit: Philip Taylor PT)

 While ads tout the lowest rates in history (recently under 4% for a 30-year fixed), qualifying for a mortgage that cheap can be an exercise in frustration or futility. Less-than-perfect credit will hurt, of course, but you may also find yourself struggling if your situation is deemed at all unusual—which could mean anything from owning a business to buying a condo instead of a single-family home. Read on for the best ways to get a deal.

Problem: You're self-employed.
Solution: Give up deductions.
Business may be booming, but don't expect the bank to take your word for it. If you haven't run your own shop for at least two years, you probably can't get a loan. Assuming you meet that hurdle, banks will use the average income on your past two tax returns or the most recent, whichever is lower, when determining the amount you can borrow and the rate on your loan. Try deferring or forgoing deductions, such as those for new equipment or travel, on your 2011 tax return, says Denver mortgage broker Todd Huettner. While that will up your tax bill this year, it may be worth it to nab that lower mortgage rate (lenders won't penalize you for IRA contributions and health-care write-offs).

Also, ask your business contacts for the name of a mortgage broker who knows your industry. A savvy broker should shop around with private lenders—that is, ones who don't resell loans via government agencies and aren't held to their restrictions—since they may give you more wiggle room.

Problem: You've lost equity.
Solution: Pay a fee or take a look at government programs.
If you're trying to refinance and have less than 25% equity, you may have to pay a quarter of a percentage point of the loan to get the lowest rate. As long as you plan to stay in your home a while, it's probably worth paying, says Rick Allen, chief operating officer of loan information site Mortgage Marvel.

Owners who are underwater can ask a lender about the government's revamped Home Affordable Refinance Program (HARP), which is slated to have no loan-to-value limits as of March 11, 2012, says Bob Walters, chief economist for Quicken Loans. To qualify, you must have taken out your loan before June 2009 and be up to date on your mortgage payments.

Problem: You're buying a condo.
Solution: Check the development's finances before you bid.
In many places condo prices have fallen more than those for single-family homes. But for you to get a federally insured loan on a condo, the development must meet strict criteria: 70% of units in new condos must be presold, no more than 10% of the development can be owned by a single entity, and no more than 15% of owners can be more than 30 days late on their maintenance.

A private lender may cut you some slack, but your loan rate will probably be two to three percentage points higher. So find out the details of the development up front. You may be better off buying in a building that meets the criteria for a federally backed loan, even if the property is more expensive, vs. taking a chance on one that has better days ahead (you hope).

Problem: Your credit isn't squeaky clean.
Solution: Fix it, explain it, or get an FHA loan.
The average credit score for a federally backed loan was recently nearly 760, the highest ever. A score of 720 vs. 760 can raise your rate by a quarter of a percentage point. So check your reports (free at AnnualCreditReport.com) and scores from all three credit bureaus ($10 each at MyFICO.com), and correct any errors before you shop for a loan.

If the blemish on your credit is a result of bad luck (illness or job loss, for example) rather than bad habits, a private lender might make an exception, says Huettner. Or run the numbers on a Federal Housing Administration loan, which requires only a 580 score. You'll pay a point up front, plus an annual premium of about 1.1% of the loan value for the first five years, but you're likely to get a better rate than you would with a traditional loan.

The information contained herein represents the opinions of a third party and does not necessarily represent the opinions of Naperville Tax Advisor, Susan S. Lewis or Platinum Financial and are unaffiliated with any of the entities referenced above.

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Landmark Decision: The Supreme Court and the Affordable Care Act

On June 28, 2012 — two years and two months after passage of the Patient Protection and Affordable Care Act (ACA) — the U.S. Supreme Court upheld the constitutionality of the law by a vote of five to four.¹ Unless Congress takes further action, the provisions of the act currently in effect will remain so, and most others will become effective as planned in 2013 or 2014. As a consumer, taxpayer, and investor, you may want to consider the potential ramifications of this landmark decision.

The Individual Mandate — Commerce or Tax?

A primary issue under consideration was the individual mandate, which requires that most U.S. citizens have or buy health insurance beginning in 2014 or pay a penalty. The government had argued that the mandate was within Congress’s power to regulate interstate commerce as well as its power to levy taxes.²

The court’s majority opinion, written by Chief Justice John Roberts, rejected the interstate commerce argument on the grounds that failing to buy health insurance is actually a lack of commerce and thus there is nothing to regulate. However, the majority upheld the individual mandate as a tax, pointing out that no one is forced to purchase health insurance under the law; rather, people can choose not to do so and instead pay a penalty (tax).³

The annual penalty is $95 per adult (up to $285 for a family) or 1% of adjusted gross income (AGI), whichever is greater, in 2014; $325 per adult (up to $975 for a family) or 2% of AGI in 2015; and $695 per adult (up to $2,085 for a family) or 2.5% of AGI in 2016. After 2016, there will be annual adjustments for inflation.

The Congressional Budget Office estimated that the law would extend health coverage to an additional 30 million Americans by 2016, leaving about 26 million without insurance.⁴ A private study suggested that about 7.3 million people would have to obtain unsubsidized coverage or pay the penalty.⁵

Benefits, Cost Controls, & Funding

The individual mandate is intended to provide insurance companies with a larger pool of consumers to help reduce individual costs.⁶ The ACA requires insurers to spend at least 80% of annual premiums on health care or activities that could help improve health-care quality.

Other key provisions:

• Individuals with pre-existing medical conditions cannot be rejected or charged higher premiums (currently in effect for children under 19; effective for adults starting in 2014).
• Lifetime benefit limits are prohibited for all new or reissued policies. Annual benefit limits will be prohibited beginning in 2014.
• Young adults up to age 26 can be covered under their parents’ policies.
• State-based insurance exchanges can offer coverage to individuals and small businesses with up to 100 employees beginning in 2014.

To help pay for the law, an additional 0.9% Medicare tax will apply to earned income exceeding $200,000 ($250,000 for joint filers) in 2013, and a 3.8% Medicare tax on net investment income will apply for people with AGIs exceeding $200,000 ($250,000 for joint filers).

Other funding comes from fees and taxes on drug makers, health insurance providers, tanning salons, and certain medical devices.

Investment and Business Impact

After the court’s decision, insurance company stock prices fell and hospital stock prices rose.⁷ Although this is no guarantee of future performance, it probably reflects concern over the cap on insurance company earnings and the potential for more insured consumers of hospital services.

Starting in 2014, employers with 50 or more employees will face a penalty if they don’t offer employee health coverage. Businesses with 25 or fewer employees may be eligible for a tax credit based on the amount they contribute to employee health insurance premiums.

Expansion of States’ Rights

The Supreme Court struck down a provision that requires states to expand their Medicaid programs or lose all existing federal funding. States that choose to opt out of the expansion would lose only the additional federal funding earmarked for the expansion. The ruling, along with the limitation on federal control over interstate commerce, seems to strengthen the states’ autonomy in their relationship with the federal government. Ultimately, this decision could limit the expansion of Medicaid coverage to many low-income families.⁸

The fate of the Affordable Care Act may depend on the outcome of the 2012 elections, and the impact of the law might not come into focus until the individual mandate takes effect in 2014. It’s likely that the debate on health-care reform will continue.

The return and principal value of stocks fluctuate with changes in market conditions. Shares, when sold, may be worth more or less than their original cost.

1–3, 8) U.S. Supreme Court, 2012
4) Congressional Budget Office, 2012
5–6) Urban Institute, 2012
7) Yahoo! Finance, June 28, 2012

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent Naperville tax advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. Copyright © 2012 Emerald Connect, Inc.

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