social security Tag

Alert – April 29, 2016 is the Filing Deadline for Social Security Benefits that will be Lost Under New Laws

The Bipartisan Budget Act of 2015 eliminated some great potential Social Security claiming strategies. However, people who have already filed are grandfathered in, and others may still be able to participate in these strategies IF they file by the April 29 deadline. Under current law, if you reached the age of 66, and waited to claim social security, you can “file and suspend” your retirement benefits, or file a “restricted claim for spousal benefits only” (see details below).However, these strategies will soon be lost under the new law. Social Security Basics You may start collecting Social Security benefits as early as age 62,...

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Tax Benefits for Husband and Wife Owned Businesses

If you’re looking to diversify your business interests and are married, a good option is to start a business with your spouse. The IRS gives husbands and wives, who file their taxes jointly, the ability to treat a joint business venture as a jointly owned sole proprietorship. It would be categorized as a “qualified joint venture” but that means the owners must exclusively be husband and wife. Also, both spouses have to “materially participate” in the business (so you can’t just list your spouse and hope to get this tax benefit). There are many advantages to having a husband-and-wife-owned business...

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