Key Take Away :
This webinar covers how to reduce the implicit tax (reduction in Social Security benefits) for people who have earnings over the limit before full retirement age. It addresses some Constitutional issues regarding the taxation of Social Security benefits including whether an individual has to pay tax on Social Security benefits before recovering the amount paid in Social Security taxes.
Overview :
The Webinar will show that not all Social Security benefits are taxable. Some people pay no taxes on Social Security benefits.
This Webinar addresses the complexities in the taxation of Social Security benefits and how to calculate the amount of taxable Social Security benefits. It also addresses how the taxable amount of Social Security benefits affects other items on an individual’s income tax return.
The Webinar covers the little known special election that recipients of lump-sum Social Security benefits can make and how to make it to reduce taxes. It explains the tax documents a Social Security recipient should receive and how to obtain replacement documents.
The Webinar concludes by explaining how much of the legal expenses paid to obtain Social Security benefits are deductible and where to deduct them.
Why Should You Attend :
About 60 million people currently receive Social Security benefits. Millions of Baby Boomers have already begun to retire. More will do so in the near future. Some of them will want to continue to work while drawing Social Security benefits. You need to learn how to serve this growing market segment.
You will learn about the full retirement age for Social Security benefits and how it is increasing. You will learn about how the percentage reduction in Social Security benefits for early retirement is increasing.
You will learn about the reduction in Social Security benefits for someone who retires before full retirement age and continues to earn money by working. You will learn techniques for reducing this implicit tax, especially for someone who continues to work as a self-employed individual.
You will learn whether Social Security disability benefits receive different tax treatment from Social Security retirement benefits. You will learn under what circumstances that workers’ compensation benefits are taxable as though they were Social Security benefits.
You will learn about the little known special election available to someone who receives lump-sum Social Security benefits attributable to prior years. You need to know about this special election, when to make it, and how to make it to avoid malpractice claims when advising someone who has received lump-sum Social Security benefits.
You learn how much, if any, legal expenses incurred in obtaining Social Security benefits are tax deductible and where to deduct them.
You can apply what you learn to obtain new clients and keep clients current clients by informing them about the tax treatment of Social Security benefits and how to reduce the tax on such benefits.
Areas Covered In This Webinar :
This webinar will cover the normal retirement age for Social Security benefits and the discount from the benefits available at normal retirement age. It will address the amount that an early retiree who works must pay back for having earnings over the limit. The webinar will also explain some strategies for reducing this implicit tax.
The webinar will explain what income means for federal income tax purposes and whether Social Security benefits are income. The webinar will explain the recovery of capital doctrine and whether it applies to the taxation of Social Security benefits.
The webinar will explain how to calculate the taxable amount of Social Security benefits for retirement, disability, and survivorship. It will discuss whether the calculation of Social Security benefits subject to tax is before or after the amount withheld for Medicare. It will include an explanation of why tax-free interest on municipal bonds can increase the amount of taxable Social Security benefits. The webinar will address whether sleeping in different bedrooms in the same house may qualify as living apart from a spouse for married couples who file separate returns.
The webinar will cover some strategies for reducing the taxable amount of Social Security benefits. These strategies are applicable to people who continue to work for salaries or wages after retirement and for retirees who continue to operate businesses. The webinar will also explain that Social Security beneficiaries who have hobbies that generate revenue or who gamble may have to pay more tax on their Social Security benefits as a result even though they realize a loss from the hobby or gambling activity.
The webinar will cover the little known special election available to an individual who receives lump-sum Social Security benefits attributable to prior years. It will explain when this special election is desirable and how to make it.
The webinar will explain how much of the legal expenses incurred to obtain Social Security benefits are deductible. It will also explain where to deduct them on the tax return.
Learning Objectives :
Explain the implicit tax on Social Security benefits for early retirees who work and how to reduce it
Explain the Constitutional issues regarding the taxation of Social Security benefits and why the recovery of capital doctrine does not apply to the taxation of Social Security benefits
Explain the federal income tax treatment of Social Security benefits
Describe special circumstances that affect the tax treatment of Social Security benefits
Explain the special election for the receipt of lump-sum Social Security benefits
Explain how the taxable amount of Social Security benefits affects other items on the income tax return
Explain the reporting requirements for Social Security benefits
Explain how to reduce the taxable amount of Social Security benefits
Explain the tax treatment of expenses paid or incurred to obtain Social Security benefits
Who Will Benefit :
CPAs
Enrolled Agents/ Other Tax Preparers
Financial Planners
Attorneys
Trust Officers
Social Security Recipients
Individuals who are contemplating retirement
For more information, please visit : https://www.atozcompliance.com/trainings-webinar/banking-financial-services/accounting-taxation/tax-aspects-of-social-security-benefits/alan-d-campbell/300170
Email: support@atozcompliance.com
Toll Free: +1- 844-414-1400
Tel: +1-516-900-5509
Level:
Beginner
Speakers Profile :
Alan D. Campbell
Alan D. Campbell received his B.S. in accounting and his MBA in business administration from Arkansas State University. He received his Ph.D. in accounting from the University of North Texas.
He has served on the accounting faculties of several major universities. He has taught numerous courses in tax accounting and management accounting.
He is a Certified Public Accountant in Arkansas and Florida. He is also a Certified Management Accountant, and he is admitted to practice before the United States Tax Court. He is a member of the American Institute of Certified Public Accountants, the Florida Institute of Certified Public Accountants, and the Institute of Management Accountants.
He has published articles in numerous accounting and tax journals including the Journal of Accountancy,
The Tax Adviser, and Practical Tax Strategies.
He is the co-author of the book Tax Strategies for the Self-Employed, which was published by CCH in 2001. He served as the revision editor for three editions of the CCH Financial and Estate Planning Guide. He has also written study guides to accompany a management accounting textbook and a cost accounting textbook.
He has made numerous continuing professional education presentations at conferences of the Florida Institute of Certified Public Accountants.
