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!
It’s safe to say that most people are laser focused on money right now—specifically on how to make it last longer. To help you do just that, we compiled the following list of tips for spending less in 2020:
With more of us likely staying close to home this summer, why not plan to either start a healthy and regular workout schedule or enhance your current routine? It’s never too late in the year to get your healthy on, so we’ve compiled a short list of tips to get you moving.
Summer is typically the time people start planning vacations—Disney World…cruises…the beach. This year, however, travel may not be in the cards. But that doesn’t mean you have to sacrifice down time and fun with the family. Make this the year you plan a fantastic staycation! Here are some tips to make sure you can kick back, relax and have a memorable time with a vacation at home.