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4 tactics for keeping more of what you deserve

by on
in Small Business Tax,Small Business Tax Deduction Strategies

When you reach a certain point in life, you’re generally entitled to receive Social Security retirement benefits. Congratulations; you earned it. But it’s not as simple as cashing a check each month. If you don’t stay on top of things, you’ll have to give some of that money back to the government in taxes.

Pay less tax on the benefits you receive

Don’t expect Uncle Sam to go easy on you once you’re retired. The IRS hits you coming and going. In fact, up to 85 percent of the Social Security retirement benefits you collect could count toward your taxable income.

Advice: Use the four strategies detailed below to lower your provisional income (PI), an awkward tally of various income forms. PI is the total of your:

-Adjusted gross income (AGI) as reported on your tax return.
-Tax-exempt interest income.
-One-half of your Social Security benefits.
Example: If your AGI in retirement is $75,000, municipal bond income is $6,000 and S...(register to read more)

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