Depreciation

Depreciation - 179 deduction limitation

Asked Tuesday, January 02, 2001 by an anonymous user

CPA Answer:

Self-employed individuals and other small businesses will be entitled to immediately write off up to $500,000 of business equipment purchases in 2016 without having to depreciate the costs over a period of years.
The amount of the 179 deduction is reduced by the cost amount in excess of $500,000 dollars.
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Small Business Services

What is the current years 179 deduction limitation ?

Asked Tuesday, January 02, 2001 by an anonymous user

CPA Answer:

Self employed individuals and other small businesses will be entitled to immediately write off up to $500,000 of business equipment purchases in 2010 and 2011 without having to depreciate the costs over a period of years. The amount of the 179 deduction is reduced by the cost amount in excess of 2 million dollars.
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Social Security

Social Security - Deceased Spouse; and you are under age 60

Asked Friday, December 29, 2000 by an anonymous user

CPA Answer:

Unless you are disabled, you are not eligible for monthly survivors benefits based on your husband's earnings record until you reach the age of 60.
At that age, your benefit would be about 71.5% of your husband's basic benefit amount.
If you wait until you reach your full retirement age, you will receive 100% of his amount. Disabled widows or widowers can receive benefits as early as age 50.
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Where/How Do I File?

Where can I get a list of the impairments that Social Security considers to be disabling ?

Asked Friday, December 29, 2000 by an anonymous user

CPA Answer:

You can go to the SSA website at http://www.socialsecurity.gov/disability/professionals/bluebook/AdultListings.htm or get the SSA Publication.
Disability Evaluation Under Social Security (SSA Pub. No. 64-039) contains the medical criteria that Social Security uses to determine disability. It is intended primarily for physicians and other health professionals.
You can fax a request to the Social Security Administration Fax Number, 410-965-0696.
You can also write or call:Social Security Administration Public Information Distribution Center P.O. Box 17743 Baltimore, MD 21235-6401 Phone 410-965-0945.
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Retirement Planning

Where can I get a list of the impairments that Social Security considers to be disabling ?

Asked Friday, December 29, 2000 by an anonymous user

CPA Answer:

You can go to the SSA website at http://www.socialsecurity.gov/disability/professionals/bluebook/AdultListings.htm or get the SSA Publication.
Disability Evaluation Under Social Security (SSA Pub. No. 64-039) contains the medical criteria that Social Security uses to determine disability. It is intended primarily for physicians and other health professionals.
You can fax a request to the Social Security Administartion Fax Number, 410-965-0696. You can also write or call: Social Security Administration Public Information Distribution Center P.O. Box 17743 Baltimore, MD 21235-6401 Phone 410-965-0945.
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Retirement Planning

If I am eligible for Social Security Disability benefits , am I also eligible for Medicare benefits ?

Asked Friday, December 29, 2000 by an anonymous user

CPA Answer:

If you receive Social Security Disability benefits, you will become eligible for Medicare after the date Social Security decides your disability began. Speak to the Medicare Administration via e-mail at www.hcfa.gov. There also is a Medicare website at www.medicare.gov. for more details.
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Retirement Planning

is there a time limit on how long I can receive social security Disability benefits ?

Asked Friday, December 29, 2000 by an anonymous user

CPA Answer:

If you qualify, you will continue to receive your social security Disability benefits as long as your condition keeps you from working. Your case will be reviewed periodically to see if there has been any improvement in your condition and whether you are still eligible for benefits. If you are still disabled when you reach full retirement age, your disability benefit will be automatically converted to a retirement benefit of the same amount.
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Social Security

Social Security - Receiving payments and still working

Asked Friday, December 29, 2000 by an anonymous user

CPA Answer:

If you work in a job that is covered by Social Security, you and your employer must pay the Social Security and Medicare taxes on your earnings even if you are already receiving Social Security benefits.
The same is true if you are self-employed. You are still subject to the Social Security and Medicare taxes on your net profit.
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Social Security

Social Security - Joint Claim

Asked Friday, December 29, 2000 by an anonymous user

CPA Answer:

If you and your wife both worked and contributed to Social Security then you can each get your own benefits or she can get half the amount of yours, whichever is greater.
If your wife's own benefit is more than one half of your amount, you will each get your own benefit.,
If your wife's own benefit were less than half of yours she would receive her amount plus enough on your record to bring it up to the half amount.
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Retirement Planning

Will my retirement pension from my work reduce the amount of my Social Security benefit ?

Asked Friday, December 29, 2000 by an anonymous user

CPA Answer:

Generally, if your retirement pension is from work where you also paid Social Security taxes, it will not affect your Social Security benefit. Pensions based on work that is not covered by Social Security such as the federal civil service and some state, local, or foreign government systems probably will reduce the amount of your Social Security benefit. Speak to your local CPA or the Social Security Administration for more details.
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