Minimizing Tax on Social Security Has An Income Factor
Often, people ask, “How do I go about minimizing tax on social security income?” Let’s face it, people make very little on social security income and it is only going to get harder and harder. How much (if any) of your Social Security benefits are taxable depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits.
For this discussion, the term “Social Security benefits” refers to the gross amount of benefits you receive (i.e., the amount before any reductions due to payments withheld for Medicare premiums). For tax purposes, Social Security benefits are treated Continue reading →
Congress created Achieving Better Life Experience (ABLE) accounts in 2014. Before ABLE accounts existed, individuals with disabilities who were eligible for Medicaid or federal Supplemental Security Income were limited to a maximum of $2,000 in assets. These assets included bank savings accounts. There is good news for the disabled. Now that has all changed. Continue reading →
Disclaimer: This publication/blog, which may be considered advertising under the ethical rules of certain jurisdictions, is provided with the understanding that it does not constitute the rendering of legal advice or other professional advice by Joseph J. Cahill / Worthtax or any of its subsidiaries or its attorneys, employees or associates representing Joseph J. Cahill / Worthtax. Additionally, the foregoing discussion does not constitute tax advice. Any discussion of tax matters contained in this publication/blog is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or promoting, marketing or recommending to another party any transaction or matter.
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