News

Monday July 16, 2018

Can a Debt Collector Take My Social Security Benefits?
Savvy Living
Can my Social Security benefits be garnished if I have outstanding debts? I just turned 62 and would like to start collecting my retirement benefits, but I want to find this out before I apply. Whether your Social Security benefits are garnishable depends on who you owe. Banks and other financial creditors, for example, cannot touch your Social Security checks. But if Uncle Sam is collecting on a debt, some of your benefits are fair game. Here is what you should know. Creditor Protections If you have credit card debts, medical bills, unpaid personal loans or pay day loans, you will be happy to know that your Social Security benefits are safe from your creditors. Section 207 of the Social Security Act prohibits debt collectors or...
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IRS Summertime Tax Tips
Washington News
In IR 2018-149, the Service highlighted tax tips for the summer season. While most taxpayers are understandably thinking about barbeques and summer vacations, the IRS offered seven summertime suggestions that may affect taxpayers. Summer Jobs - Many students and younger individuals work during the summer. They may not have earned enough to owe income tax, but their employers will withhold Social Security and Medicare taxes from their pay. If the individual is self-employed, he or she must pay Social Security and Medicare taxes even if there is no income tax obligation. These taxes will also count toward future Social Security benefits. The employer should send a Form W-2, Wage and Tax Statement, by January 31, 2019. It will show the withholding amount for state...
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Integrity and Initiative
Personal Planner
Pat and Allen were talking about their three children. They are empty nesters and the three children are off...
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