Archive - February 2021

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Here’s Why You Should File Your Taxes Early This Year
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What income is used for the Annual Earnings Test?

Here’s Why You Should File Your Taxes Early This Year

Early spring brings bright sunshine, blossoming blooms, tax bills, and plenty of beads and trinkets. In New Orleans, Mardi Gras, unfortunately, coincides with tax season, and tax filing. 

Income tax payments can eclipse nearly all other expenses you pay during your lifetime. Nobody enjoys paying them but spending a little time now can help you identify opportunities to optimize your credits, deductions, and future earnings. Fine-tuning your taxes early will help align your cash flow and improve your finances while keeping you ahead of the game. 

While we can’t help you out with the crowded festivals and parade going, we …

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What income is used for the Annual Earnings Test?

If you’re receiving Social Security retirement benefits and you’re under Full Retirement Age (FRA), you may be subject to the Annual Earnings Test. This is a test to see if you’re actually retired enough (per the Social Security Administration’s rules) to receive your Social Security retirement benefit.

You can read up on the rules about the Annual Earnings Test by clicking the link. Effectively, if you earn more than $18,960 (for 2021), then for each $2 over that amount in earnings, your Social Security retirement benefit is reduced by $1. If this is the year that you’ll reach …

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