60 http://www.prwebpodcast.com A Top 30 Stream of Allsup, Inc. Press Releases (in MP3 format) via PRWeb podEditor@emediawire.com (PRWeb) podMaster@emediawire.com Sun, 05 Jul 2009 01:50:29 -0700 Allsup, Inc. http://www.prweb.com/prwebrss.gif 130 49 http://prwebpodcast.com Copyright PRWeb International, Inc. en-us http://blogs.law.harvard.edu/tech/rss A Top 30 Stream of Allsup, Inc. Press Releases (in MP3 format) via PRWeb A Top 30 Stream of Allsup, Inc. Press Releases (in MP3 format) via PRWeb podEditor@emediawire.com PR Web PRWeb no http://www.prweb.com/releases/Disabilities/TaxSavings/prweb2230854.htm http://www.prweb.com/releases/Disabilities/TaxSavings/prweb2230854.htm Allsup outlines five tax savings opportunities; knowing tax treatment for Social Security disability benefits, and tax credits and deductions is essential to financial health [PRWeb Mar 18, 2009] http://www.prweb.com/releases/Disabilities/TaxSavings/prweb2230854.htm Mon, 16 Mar 2009 14:48:48 -0700 podcrew@extrahoop.com Allsup, a leading provider of Social Security disability, financial and healthcare-related services to people with disabilities. "Just like healthcare and other costs, taxes can be a concern for people with disabilities when they aren't managed well," said Paul Gada, a tax attorney and personal financial planning director for the Allsup Disability Life Planning Center. "More than 9.2 million people rely on SSDI benefits, but some may not understand the tax implications. They could be missing opportunities to reduce the real cost of their expenses." Below, Allsup offers five guidelines to help people with disabilities minimize the impact of taxes. More help is in Allsup's tax resources section on Allsup.com as well as in a podcast also issued today. 1. Be sure you know how your SSDI benefits are taxed. Both monthly and lump-sum retroactive payments of SSDI benefits are subject to federal income tax. Monthly SSDI benefits. Up to 50 percent of your SSDI benefits may be taxed. This is determined by adding up one-half of your SSDI benefits plus all of your other income sources. Taxes are owed on any amount above a base level (2008: $32,000/couples filing jointly; $25,000/individuals). "The average 2008 monthly SSDI benefit was under $1,100," Gada said. "As a result, most people will not owe any or will owe very little taxes." • Lump-sum SSDI benefits. It can take two to four years to receive disability benefits. As a result, someone could receive a lump-sum payment of $40,000 or more for back benefits owed. Mistakenly paying taxes on this as additional income in one year could be devastating to a person whose financial future depends on this amount. Fortunately, there is a special election that allows lump-sum payments to be spread over previous tax years that represent the retroactive pay period. This can be done using the current year tax return, with no need to file an amended return. However, the calculations are complex and Gada recommends seeking tax assistance. 2. File an income tax return - even if you do not owe taxes. If you do not file a tax return, you can miss out on credits and deductions that could make a difference of several hundred dollars in your budget. • Mary Jung People with Disabilities May Miss Out On Significant Tax Savings This Season Allsup, a leading provider of Social Security disability, financial and healthcare-related services to people with disabilities. "Just like healthcare and other costs, taxes can be a concern for people with disabilities when they aren't managed well," said Paul Gada, a tax attorney and personal financial planning director for the Allsup Disability Life Planning Center. "More than 9.2 million people rely on SSDI benefits, but some may not understand the tax implications. They could be missing opportunities to reduce the real cost of their expenses." Below, Allsup offers five guidelines to help people with disabilities minimize the impact of taxes. More help is in Allsup's tax resources section on Allsup.com as well as in a podcast also issued today. 1. Be sure you know how your SSDI benefits are taxed. Both monthly and lump-sum retroactive payments of SSDI benefits are subject to federal income tax. Monthly SSDI benefits. Up to 50 percent of your SSDI benefits may be taxed. This is determined by adding up one-half of your SSDI benefits plus all of your other income sources. Taxes are owed on any amount above a base level (2008: $32,000/couples filing jointly; $25,000/individuals). "The average 2008 monthly SSDI benefit was under $1,100," Gada said. "As a result, most people will not owe any or will owe very little taxes." • Lump-sum SSDI benefits. It can take two to four years to receive disability benefits. As a result, someone could receive a lump-sum payment of $40,000 or more for back benefits owed. Mistakenly paying taxes on this as additional income in one year could be devastating to a person whose financial future depends on this amount. Fortunately, there is a special election that allows lump-sum payments to be spread over previous tax years that represent the retroactive pay period. This can be done using the current year tax return, with no need to file an amended return. However, the calculations are complex and Gada recommends seeking tax assistance. 2. File an income tax return - even if you do not owe taxes. If you do not file a tax return, you can miss out on credits and deductions that could make a difference of several hundred dollars in your budget. • 00:15:00 no