John M. Hoffman & Associates CPAs
Frequently Asked Tax Questions
"Do you suggest that I have federal taxes withheld from my social security benefits?"
We generally do not suggest this. We prefer to have taxes withheld from other sources or paid in through estimated taxes. If your other income drops, your social security benefits may not be taxable and the withholding is unnecessary and hurts your cash flow.
Don’t forget that social security benefits are not just an “old age” pension. Social security benefits can be disability benefits, widow benefits and orphan benefits. As always, keep your eye out for that form and be sure to provide it to us.
