Shawnee Tax & Accounting Service

10/01/2025

Just a reminder that these deductions are available if you qualify.

With taxes, it can pay to keep things simple. These 5 tax deductions let you trim your tax bill without itemizing.

03/10/2025

What the Social Security Fairness Act Could Mean for You...

Here’s something you may not know about Social Security: Some people who worked in both public and private jobs in their lifetimes have their Social Security benefits reduced because of the pensions they receive from their public job. That means teachers, police and fire workers, and other civil servants don’t receive their full Social Security benefits — even if they also worked private-sector jobs. But a piece of legislation called the Social Security Fairness Act recently changed that.

What is the Social Security Fairness Act?
This act addresses several decades-old — and somewhat controversial — rules. Social Security was created in 1935 to provide retirement income for workers who paid into the system through payroll taxes. But pensions covered public workers who wouldn’t have paid those taxes in public jobs. However, some people worked public and private jobs during their careers and were getting retirement benefits from both. By the mid-1980s we had new rules to address the fact that some people thought those with pensions were getting more benefits than they should.
The Windfall Elimination Provision (WEP) reduced Social Security benefits for those who also had a pension. On the other hand, the Government Pension Offset (GPO) cut back on spousal and survivor benefits for those who had a pension. While this was meant to even the playing field, some thought it unfairly penalized people who worked in the public sector — especially considering they paid into Social Security through other jobs.

The Social Security Fairness Act came onto the scene to address these concerns, and former President Joe Biden signed it into law on Jan. 5. Now, those civil servants who qualify for Social Security through secondary income will soon receive the same level of Social Security benefits received by citizens who worked only in the private sector. This is because the act eliminated the WEP and GPO. And even better news — the law applies to benefits received starting January 2024. That means those who benefit from the law will receive back payments.

Who is Benefitting From This New Fairness Law?
The main groups benefitting are those who have been getting reduced Social Security benefits they earned through private jobs because of government pensions, and those who got reduced spousal or survivor benefits because of the same thing.
The new law impacts approximately 2 million Social Security beneficiaries and approximately 750,000 spouses and widows receiving benefits from deceased beneficiaries. It affects many of those who worked under the Civil Service Retirement System, the now century-old system of providing retirement, disability and survivor benefits for civil servants. But what if you only worked public sector jobs before you retired? In that case, your benefits won’t change.

How Much Benefit Is Coming?
According to the sponsors of the legislation, the average CSRS employee receiving Social Security benefits will receive a monthly increase of about $350. Spouses and widows receiving benefits will get a monthly increase of between $700 and $1,100 when the law is implemented. The Social Security Administration said it is evaluating how to carry out the new rules.
If this new rule applies to you, no action is needed on your part. However, it is recommended you check that your information with the SSA is up to date.

02/17/2024

How COLA, earnings, Medicare premiums affect benefits

01/09/2024

It seems to get later and later every year!!!

IR-2024-04, Jan. 8, 2024 — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

09/29/2023

I have relocated my office. The new address is 624 W Independence St, Suite 101, Shawnee.

New signs were installed today!!

01/12/2023

IR-2023-05, January 12, 2023 — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

10/30/2022

Changes to brackets, deductions and other benefits will lower some Americans’ tax burden for 2023.

01/24/2022

Key changes to the tax code during the pandemic may make doing taxes a little more complicated this year.

01/10/2022

For those of you who have been wondering.........

That's the first day that the IRS will start accepting and processing 2021 federal tax returns.

12/30/2021

It is VERY important that you keep these letters!!! You will need them to file your 2021 taxes.

The year is officially coming to an end and that means that tax season is right around the corner. With that being said, you'll want to keep an eye on your mail and you won't

12/30/2021

Come Jan. 1, almost everyone in Oklahoma will notice more money on their checks thanks to a personal income tax cut approved by lawmakers in 2021.