Our Address
Individuals ● Business ● Tax Advisory ● Payroll Services
1441 Kapiolani Boulevard Suite 912
Honolulu, HI 96814
We file their taxes, provide bookkeeping services and
Business organization consulting.
It's Never Too Early to Understand How it Works!
Determining the best time and best way to take Social Security benefits can make a big difference in the amount you receive over the balance of your lifetime. What is prudent, is understanding how it works and, if appropriate, running calculations prior to making your benefit decision.
Here are some things to consider.
Full retirement age is quickly becoming 67
Your full Social Security retirement benefit can be claimed when you reach your target retirement age. This is age 66 for those born between 1943 and 1954. Those born after 1954 have their full retirement age increase by two months per year until full retirement age becomes 67 years old for those born in 1960 or later.
Taking it as early as 62
You may begin taking your Social Security benefit as early as age 62. But if you do so, your full retirement benefit amount will be reduced for each month you are short of your full retirement age. The Social Security Administration estimates up to a 30% reduction in your benefits if you choose to take benefits when you reach age 62.
Delaying the benefit up to age 70
After your full retirement target age, for each year you delay the start of receiving your Social Security retirement benefits (up to age 70), the benefit amount increases by approximately 8%
Receiving survivor benefits
If a spouse dies, the surviving spouse is eligible to receive a Social Security Survivors benefit. The survivor benefit can be collected by as early as age 60. However, the benefit received is reduced for each month the survivor is short of their own full retirement age. You may not receive both a Survivor Benefit and your own Social Security retirement benefit, but you can switch from Survivor's Benefits to your own retirement benefits and vice versa.
Taxability of benefits
Up to 85% of Social Security Benefits can be taxable. This can happen when you still work or are taking taxable funds out of retirement accounts.
Life expectancy comes into the calculation
Once you start your Social Security benefits, you will receive them until you pass away. Receiving benefits at an earlier date means receiving more payments over your lifetime, but at a lower benefit amount. Delaying the start means fewer, but higher, payments during your lifetime.
Benefit reduction risk
In addition to having your benefits subject to tax, you can also have your benefits reduced. This may occur when you are not at your full retirement age and you are also receiving wages or business income subject to Social Security tax.
Spousal benefits
Another variable to consider is the availability of receiving spousal benefits instead of receiving your own Social Security retirement benefit.
So what is your best bet? The best tip for all of us is to know how it works long before retirement and develop a plan before you begin receiving Social Security benefits.
10 Hawaii Tax Filings & Forms:
N-11 - Individual Income Tax Return
N-30 - Corporation Income Tax Return
N-20 - Partnership Return of Income
HW-14 Withholding Tax Return
UC-B6 Unemployment Quarterly Contribution Report
N-15 - Nonresident and Part-Year Resident Income Tax
N-35 - S- Corporation Income Tax Return
G-45 General Excise/Use Tax Return
HW-14 - Withholding Tax Return
HW-3 Employer's Annual Return and Reconciliation of Income Tax Withheld From Wages
BUSINESS TAX FILING
We are well-versed in business tax and accounting and can work with any business including partnerships,
S-corporations, C-Corporations, LLCs, corporations, and non-profits.
Tax Filing
Income Tax Return,
Bit Coin,
Rental Properties
and..more!
Let's Save You Money this
Tax Season
Tax Services. Financial Consulting. Let Us Do the Math.
The best solution for tax advisory, strategy, and payroll.
Skilled Oahu Tax Experts
Well Rounded Tax Advice
Tailored Tax Solutions
Serving small to mid-size companies of all industries.
Diamond Head Tax Group is a Honolulu locally owned and operated business that serves individuals and small and medium business. Services include tax planning and preparation, charitable tax planning strategies, social security taxation reduction, sales tax preparation, small business strategy development, QuickBooks setup, and payroll services. Clients appreciate Diamond Head Tax Group's help, advice, flexible hours, and thoroughness.
OUR TAX SERVICES
Tax Preparation
Tax Planning
Sales Tax Preparation
Professional Payroll Services
Small Business Strategy
Roth IRA Conversion
Charitable Tax Planning
QuickBooks set up
Social Security Taxation Reduction
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Oahu Tax Services
We help individuals and businesses with tax advisory and payroll services.
Talk to one of our Oahu Tax Professionals today to start saving.
