Social Security Disability Insurance (SSDI) allows you to collect benefits if you have a disability and worked enough years to qualify for benefits, but is SSDI taxable? If you're already receiving SSDI income or applying for SSDI, here's what you need t
The Earned Income Tax Credit is designed to help low-to-moderate-income taxpayers get a tax break. Which workers qualify depends on factors like income and investment earnings, filing status, citizenship, and more. Use this breakdown of the Earned Income
Years ago, a simple yet ingenious idea took root: By allowing workers to defray public transportation costs through their employers' benefits packages, we could reduce traffic congestion and improve air quality. In 1998, Congress amended the tax code to
Does claiming a parent as a dependent affect their SSI or SS benefits? You can claim a parent as a dependent without affecting their Social Security benefits or Supplemental Security Income (SSI). Just make sure your parent meets the qualifying relative tests. More to explore: Can I Claim My...
The Social Security Administration (SSA) today announced they’ll soon see an increase in their retirement and/or Supplemental Security Income (SSI) benefits. Nearly 68 million retirees who receive monthly Social Security deposits will see a 2.5 percent cost-of-living... Read more → Posted on...
Should Your Client Offer Health Coverage Benefits to Independent Contractors? In today’s labor market, many employers are scrambling to offer benefits that will attract talented workers. Some may be considering allowing independent contractors who perform work for the company to enroll in employer-spon...
Should Your Client Offer Health Coverage Benefits to Independent Contractors? In today’s labor market, many employers are scrambling to offer benefits that will attract talented workers. Some may be considering allowing independent contractors who perform work for the company to enroll in employer-spon...
Updates are also implemented to keep up with the tax code. COVID relief programs are mostly over, but we're still seeing a few benefits related to health insurance purchased through Healthcare.gov or a state marketplace under the Affordable Care Act (ACA). And like many other online ...
The Child Tax Credit is not considered earned income. Therefore, it does not affect other government benefits such as unemployment insurance, Medicaid, SNAP, SSI, or Public Housing.11 The expanded and fully refundable Child Tax Credit was enacted as part of the American Rescue Plan Act, a law...
As with tax brackets, credits, deductions, and more, Social Security benefits also keep pace with inflation through cost-of-living adjustments (COLA). Social Security and Supplemental Security Income (SSI) benefits that are payable as of January 2023 will see an 8.7% COLA increase.3 Was this ...