Locally Sponsored Content

Brookville H&R Block Tax Tips: The Ultimate List of Tax Forms for Individual Taxpayers

Brookville H&R Block Tax Tips: The Ultimate List of Tax Forms for Individual Taxpayers

BROOKVILLE, Pa. – H&R Block submitted the following article: "The Ultimate List of Tax Forms for Individual Taxpayers" FULL ARTICLE
Brookville H&R Block Tax Tips: Can You Avoid the Penalty for Lack of Health Insurance?

Brookville H&R Block Tax Tips: Can You Avoid the Penalty for Lack of Health Insurance?

BROOKVILLE, Pa. – H&R Block submitted the following article: "Can You Avoid the Penalty for Lack of Health Insurance?" FULL ARTICLE
Brookville H&R Block Tax Tips: Are Your Social Security Benefits Taxable?

Brookville H&R Block Tax Tips: Are Your Social Security Benefits Taxable?

BROOKVILLE, Pa. – H&R Block submitted the following article: "Are Your Social Security Benefits Taxable?" The taxation of Social Security benefits ultimately depends on your other income. In the worst case scenario, 85% of your benefits would be taxed. (This doesn’t mean you pay 85% of your benefits back to the government in taxes—merely that you would include 85% of them in your income subject to your regular tax rates.) The figure you will use to determine the tax consequences is what is called your provisional income. Your provisional income is essentially your total income plus half of your social security benefits. This number is derived by taking all your income other than social security benefits, including tax-exempt income items, and adding that to your spouse’s income if you file jointly. Then add half of your social security benefits to that total. Now you will apply the following rules: 1. If your income plus half your benefits is not above $32,000 ($25,000 for single taxpayers), none of your benefits are taxed. 2. If your income plus half your benefits exceeds $32,000 but is not more than $44,000, you will be taxed on:
  • one half of the excess over $32,000 or
  • one half of the benefits (Whichever is lower.)
3. If your income plus half your benefits exceeds $44,000 ($34,000 for single taxpayers), up to 85% of your benefits will be taxed. (This calculation can be more complicated, but that is the general rule.) If you aren’t paying tax on your Social Security benefits now because your income is below the above floor, or you are paying tax on only 50% of those benefits, an unplanned increase in your income can have a massive tax cost. You’ll have to pay tax on the additional income, you’ll also have to pay tax on (or on more of) your Social Security benefits, and you may get pushed into a higher marginal tax bracket. This situation might arise, for example, when you receive a large distribution from a retirement plan (such as an IRA) during the year or have large capital gains. Careful planning might be able to avoid this stiff tax result. For example, it may be possible to spread the additional income over more than one year, or liquidate assets other than an IRA account. If you know your Social Security benefits are taxed, you can voluntarily arrange to have the tax withheld from the payments by filing a Form W-4V. Otherwise, you may have to make estimated tax payments. If you fall into the third category or are anticipating an increase in income in the future, contact your local H&R Block Office, so that we can assist you in minimizing your tax burden on your Social Security benefits.
Brookville H&R Block Tax Tips: When Are Taxes Due This Year?

Brookville H&R Block Tax Tips: When Are Taxes Due This Year?

BROOKVILLE, Pa. – H&R Block submitted the following article: "When Are Taxes Due This Year?" FULL ARTICLE
Sponsored: Nolf Chrysler Dodge Jeep Ram – A Journey Through Nolf’s

Sponsored: Nolf Chrysler Dodge Jeep Ram – A Journey Through Nolf’s

Fairmount City, Pa (EYT)– Nolf Chrysler Dodge Jeep Ram always has your best interest in mind, committed to exceptional service and the best possible prices. FULL ARTICLE
Seidle’s Deals of the Week: Bryan Ruth’s SUV Blowout and More

Seidle’s Deals of the Week: Bryan Ruth’s SUV Blowout and More

Bryan Ruth's SUV Blowout and more deals on new and certified used cars & trucks at Seidle Chevrolet Buick GMC on East Main Street in Clarion. FULL ARTICLE

Brookville H&R Block Tax Tips: Meet Budget Challenge Scholarship Winner Alexa Brutus

BROOKVILLE, Pa. – H&R Block submitted the following article: "Meet Budget Challenge Scholarship Winner Alexa Brutus" FULL ARTICLE
St. Patrick’s Day Weekend Entertainment, Specials Kick Off Tonight at Iron Mountain Grille

St. Patrick’s Day Weekend Entertainment, Specials Kick Off Tonight at Iron Mountain Grille

CLARINGTON, Pa. (EYT) – Iron Mountain Grille kicks off the weekend with live music featuring Bryan Phillips on Friday, March 17. FULL ARTICLE

Brookville H&R Block Tax Tips: Top 5 H&R Block Emerald Prepaid Mastercard Myths – Busted!

BROOKVILLE, Pa. – H&R Block submitted the following article: "Top 5 H&R Block Emerald Prepaid Mastercard Myths – Busted!" FULL ARTICLE
Seidle’s Deals of the Week: Jay’s New Chevrolet Cruz and Many More

Seidle’s Deals of the Week: Jay’s New Chevrolet Cruz and Many More

Jay's New Chevrolet Cruz and more deals on new and certified used cars & trucks at Seidle Chevrolet Buick GMC on East Main Street in Clarion. FULL ARTICLE