Determining if, when and how to pay taxes on your Social Security benefits, can be a perplexing process. Speak with an Ocala Social Security disability lawyer about your benefits and to see if these general guidelines may apply to you.
To decide if you must pay taxes on your Social Security Disability benefits, you will need to examine your marital status, income, and a special IRS formula for designating taxable portions of your benefits. Your Ocala Social Security disability lawyer can help you determine your own eligibility for taxes. Most claimants will not pay taxes, but it’s important to be absolutely sure you are free of responsibility.
Keep in mind that individuals who make more than $34,000 a year and couples who make more than $44,000 a year will need to pay a higher percentage of taxes.
Complex factors will also contribute to your responsibility to pay income taxes. For example, you must add worker’s compensation to any reduced Social Security disability benefits in order to decide how much you should be taxed. However, if you find that your benefits are indeed taxable, a percentage of your Ocala Social Security disability lawyer’s fees may be deductible.
Speak with an Ocala Social Security disability lawyer at CJ Henry Law Firm, PLLC at (352) 304-5300 to learn more about the taxation of your disability benefits and schedule a consultation.