The Herald Bulletin

Morning Update

Local Business

January 27, 2013

Charo Boyd: Tax time brings questions about Social Security

April’s showers bring more than just May’s flowers — they also bring the deadline day for filing taxes. Don’t wait until the showers arrive to prepare for tax season. Whether you are a small business owner, a retiree, or a new parent, here are some Social Security tax tips that may help you.

  • Are Social Security benefits taxable? They are for some people. About one-third of those receiving benefits must pay taxes on some of their Social Security. If your total income, including Social Security and all of your other taxable income, is $25,000 or more and you file federal taxes as an individual, you’ll need to pay federal taxes on some of your benefits. (That amount is $32,000 for married couples filing a joint return.)
  • Will I get a tax form for my Social Security benefits? Yes. Social Security Benefit Statements (Form SSA-1099) for tax year 2012 were mailed to beneficiaries and should be received by Jan. 31, 2013. If you receive Social Security and haven’t received your 1099, you can request one online at www.socialsecurity.gov/1099.
  • We had our first child in 2012. Does our baby need a Social Security number? Yes. Most people apply for their baby’s Social Security number while they’re still in the hospital at the same time they apply for the birth certificate. But if you didn’t, you’ll need to apply for your child’s Social Security number in order to claim the child as a dependent on your tax return. You’ll also need it if you ever apply for government benefits on behalf of the child or your family. Learn more about Social Security cards and numbers at www.socialsecurity.gov/ssnumber.
  • I changed my name when I got married last year. Do I need to report it to Social Security? Yes. If you’ve legally changed your name due to marriage, divorce, court order, or for any other reason, make sure you change your name with Social Security, as well as with your employer. If you change with one source but not the other, it could cause your earnings to be improperly recorded. That could result in you not getting all the benefits you earned when you become eligible for Social Security in the future. You can learn more about your Social Security number and how to change your name at www.socialsecurity.gov/ssnumber.
  • I own a small business. Can I report the W-2s of my employees online to Social Security? Yes, and we encourage you to do so at www.socialsecurity.gov/bso. Filing your W-2s electronically is free, fast, and secure! Plus there’s an added bonus: when you file electronically, you receive an extra month to file because electronically filed W-2s aren’t due until March 31. You’ll also receive an electronic acknowledgment receipt. And when you file electronically, you can print out your W-2s for your employees.
  • Does Social Security have any advice to make tax filing and future benefit applications go smoothly? We encourage you to carefully check your name, Social Security number and all of the data on your W-2s, your online Social Security Statement, and Social Security card to make sure they all match. If you don’t have access to your card or Statement but know your Social Security number, make sure the number and information is correct on your W-2s. A mismatch could delay your tax refund and cause problems with your Social Security benefits in the future. Such errors are much easier to fix now. If you do notice an error, you should contact Social Security at 1-800-772-1213 (TTY 1-800-325-0778), or if the information on the W-2 is incorrect, notify your employer.

For more information about Social Security, visit www.socialsecurity.gov.

Charo Boyd is Social Security public affairs specialist for east central Indiana. Her column appears every other Monday on the Business page.

 

1
Text Only
Local Business
  • NWS - HB0420 - Funderburk - 04 Man tries to restore father's tainted legacy When news broke earlier this month that the Anderson Dental Clinic had been shut down and several employees, including owner Sally Metzner, had been arrested, Mark Funderburk's main concern was the patients. "A lot of them kept going there because of my dad even after he passed away," he said. "And they didn't deserve this."

    April 19, 2014 1 Photo

  • BIZ - HB0420 - Scott wise -TM Gaining an edge and spreading the word in 2014 Scott owner of Scotty’s Brewhouse with locations in Indianapolis, Muncie, Mishawaka and Bloomington, encourages business owners to interact with customers and use powerful tools such as Twitter, Facebook or even with a blog to their advantage.

    April 19, 2014 1 Photo

  • BIZ - HB0420 - Amys Attic - TM Business Profile: Hidden treasures can be found here Amy's Attic Thrift Store, which opened April 1, offers a variety of different items including clothing, accessories, furniture, yard decorations and collectibles.

    April 19, 2014 1 Photo

  • Business People: April 20 A compilation of news items featuring members of the Madison County business community.

    April 19, 2014

  • NWS-HB0419-IvyTech-JC2.JPG Work begins on new Ivy Tech facility

    Motorists driving on East 60th Street near Columbus Avenue will notice heavy machinery working in preparation for a new educational facility in Anderson.

    April 18, 2014 2 Photos

  • Clark, Big Joe mug [Duplicate] 'Big Joe' Clark: Understanding the risks within fixed income investments Many retirees associate the concept of taking “risk” with the equity markets. However, as 2013 demonstrated, there is also principal risk in the fixed income arena if an untimely liquidation requires you to sell bonds and generate income.

    April 18, 2014 1 Photo

  • Heating assistance provided to 4,445 households Almost 5,000 households in Madison and Grant counties received assistance this past winter with their heating bills, members of the Central Indiana Community Action Program learned this week.

    April 18, 2014

  • Lapel obtains required number The Lapel Town Council finally has enough votes to move forward with its voluntary annexation of land south of the town.

    April 17, 2014

  • NWS - HB0418 - Susan Brooks Educators, agribusiness leaders discuss careers Citing approximately 55,000 new jobs being created annually in agribusiness, U.S. Rep. Susan Brooks brought educators and business leaders together to encourage students to consider it as a career path.

    April 17, 2014 1 Photo

  • Anderson collects nearly $67,000 in bad debt

    The city of Anderson collected almost $67,000 in bad debts owed to the four utility departments in March.

    April 17, 2014

Stocks
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide