Attention Veterans – $2000 Tax-Free Dollars Every Month! Do you Qualify?

It’s hard to imagine that there is a pension benefit available to veterans that is largely unknown to the veteran population. Less than five percent of our veterans know about it, and less than two percent ever get it. It’s one of the most under-utilized federal pensions, and is available to many veterans. Congress has budgeted as much as $22 Billion USD for the program and, only about $330 Million USD of that amount is

News you can use from the IRS

Are You Having Enough Federal Tax Withholding from your pension or annuity?   You may have noticed that in March or April, 2009 that your monthly pension or annuity went up a few dollars (approximately $30-$60). It probably increased because of a recent change in the federal withholding tax tables. This change lowered the amount of federal taxes to be withheld from paychecks, pensions and annuities. However, these lower withholding tables were only meant to

News You Can Use From The IRS

 

Are You
Having Enough Federal Tax Withholding from your pension or annuity?

 You may
have noticed that in March or April, 2009 that your monthly pension or annuity
went up a few dollars (approximately $30-$60). It probably increased because of
a recent change in the federal withholding tax tables. This change lowered the amount of federal taxes to
be withheld from paychecks, pensions and annuities. However, these lower
withholding tables were only meant to apply to people who are currently
employed.

These changes (less federal tax withheld) could result in
you getting a smaller refund, owing taxes, or owing more taxes when you file
your federal taxes next year. You may want to take steps now to reverse this
situation.

 You can:

·        Call
the company that pays you your pension or annuity and tell them to change the
federal withholding back to what it was in an earlier month of 2009

·         Submit a revised Form W-4P to the pension or
annuity payor to increase the amount of federal withholding

·         Increase (or begin) making federal estimated tax
payments to make up for the shortage of tax.

Recently,
payors of pensions and annuities received instructions on how to convert back
to withholding at the pre-April rate. However, they are not required to ask
their clients if they want to do this. If you have not been notified of your
options for withholding tax from your pension or annuity, you may want to
consider one of the suggestions listed above.

 The IRS has
a withholding calculator program that you can use.  Go to www.irs.gov and type in ‘withholding calculator’ in the search box. You can always call the
IRS Monday thru Friday 7am -10pm local time for assistance at 1-800-829-1040.

  

 

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  Are You Having Enough Federal Tax Withholding from your pension or annuity?  You may have noticed that in March or April, 2009 that your monthly pension or annuity went up a few dollars (approximately $30-$60). It probably increased because of a recent change in the federal withholding tax tables. This change lowered the amount of federal taxes to be withheld from paychecks, pensions and annuities. However, these lower withholding tables were only meant to

Our Great Financial Industry Is Stacked Against The American Retirees.

Are you approaching retirement or already in it? Has the stock market got you worried that you could outlive your nest egg? Stop worrying! It’s not too late to do something. Most Americans worked for decades accumulating their nest egg which amounts to nothing less than sacrificed moments of one’s lifetime that ultimately becomes their bountiful harvest for security and independence in the retirement phase of one’s life. These are the fun years, the golden