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Category Archives: Social Security
Creating a Valid Ministerial Housing Allowance
The following simple steps should be taken to assure that the ministers’ housing allowance is created properly: The minister should determine his yearly housing costs by using the Estimate of Housing Allowance form (may be obtained at http://www.benefitsboard.com). The Estimate … Continue reading
Audit Tips
Your chances of being audited by the Internal Revenue Service are going up, but only slightly. For example, in 2001 the IRS audited 732,000 individual returns compared to only 618,000 in 2000. However, in 2014 the IRS was expected to … Continue reading
No More “Do-Over” From Social Security
In times past, Social Security recipients could file for benefits after reaching 62 years of age, later repay those benefits before reaching age 70, and then start over again drawing with a larger payout. This “do-over” provision has all but … Continue reading
Posted in 08 - August 2014, Social Security
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Taking Social Security Benefits Early – Use the Calculator
One of the biggest decisions facing retirees today is whether they should start drawing their Social Security benefits prior to reaching full “retirement age.” According to the Social Security Administration, “retirement age” is a sliding scale based upon the year … Continue reading
Posted in 06 - June 2014, Social Security
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Social Security Statements are Now Available
The Social Security Administration is now providing online statements for individuals to view the estimated benefits that person will receive when they retire, replacing the paper statements the agency use to mail out a couple months prior to your birthday … Continue reading
Posted in 04 - April 2014, Social Security
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No Self-Employment Tax on MRP Retirement Income
At tax time, the Benefits Board gets a lot of questions about the IRS Form 1099-Rs that are sent to participants in January showing the amount of the participant’s distributions for the previous year. The most common question regards whether … Continue reading
Social Security – Not the Deal it Once Was for Workers
People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire. It’s a historic shift that will only get worse … Continue reading
Posted in Retirees, Social Security
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