January 2, 2019
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
According to the Social Security Administration, some will be obligated to pay federal income taxes on Social Security benefits. This usually happens only if you have other substantial income in addition to your benefits (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return).
No one can avoid the long arm of the tax man altogether, but there are ways to reduce your income and lower (or even avoid paying) taxes on your Social Security benefits. Consider the following tips:
Of course, be sure to consult with our firm if you have questions and to ensure the best tax strategy. Here’s to a happy and financially healthy New Year!
People do lots of things during the summer—take vacations, grill in the backyard, attend ball games and go to the beach, among other pursuits.
Ahh, summer. Those long, lovely, lazy days are almost here—and for many of us, that means one thing: Lots and lots of beach or backyard reading.
The recent popularity of M. Night Shyamalan “Old” offers a fascinating yet unsurprising truth—we fear aging. This fear could be why so few of us consider saving for retirement until it’s too late. When seniors reach retirement age, many discover they haven’t saved enough to live comfortably in their golden years.