Although 2020 was difficult year for many of us, there were a few silver linings to the cloud. Stimulus checks, expanded unemployment benefits, the ability to work remotely, and tax relief packages enabled many of us to meet our basic needs and make it through an extraordinarily challenging time. These same silver linings may cause your taxes to look a …
Free Tax Preparation Services to Meet the July 15, 2020 Filing Deadline
The tax filing deadline was extended to July 15, 2020, by The IRS (Internal Revenue Service) and State of Wisconsin in response to COVID-19. If you haven’t filed your taxes already, you still have time to get free tax preparation help. Individual resource agencies listed here may have COVID-19 protection requirements, such as social distancing or temperature screenings, to protect …
Unknown Assets and Supplemental Security Income (SSI)
Supplemental Security Income (SSI) beneficiaries occasionally learn they own a countable asset they weren’t aware of. For example, a beneficiary may discover that a relative had purchased stock for them and it has a cash value. Determining If an Unknown Asset is a Countable Asset In this type of situation, Social Security first determines if the SSI beneficiary has: ownership …
Social Security, Benefits and Taxes
Benefits Specialists normally do not assist clients with their taxes unless they are qualified tax preparers. However, they should have a general knowledge of how Social Security benefits may affect a person’s taxes and what credits may be available to their consumers. Title XVI and Title II Benefits are Treated Differently All Title XVI (Supplemental Security Insurance or SSI) payments …
Free Tax Preparation Services
Have you finished preparing your taxes yet? If you’re like a lot of people, you might have waited until now… and may be wondering where you can get some help completing them in time for the April 15th deadline. We have good news! You may be able to get free help to prepare your taxes. My Free Taxes My Free …
ABLE – Achieving a Better Life Experience
Would you benefit by opening a tax-advantaged ABLE savings account? WHO can Use ABLE Accounts The ABLE Accounts are for people with disability onset prior to age 26. You do not need to be under age 26 to open an account. WHAT are ABLE Accounts ABLE accounts are similar to college or health savings accounts. People with disabilities and their …
Earned Income Tax Credit
With tax season in full swing, don’t forget about the Earned Income Tax Credit (EITC). The EITC, also referred to as the Earned Income Credit (EIC), is a federal tax credit available to low-income workers. The EIC is a refundable credit. This means that even if you have no tax liability, you could receive a tax refund if you file …