Take steps to avoid a surprise tax bill - Kiplinger
“Nothing is certain except death and taxes.” – Benjamin Franklin
It is easier to pay your taxes while working; taxes are withheld from each paycheck. However, for retirees, you will pay federal income taxes on your benefits if your combined income (50 percent of your benefit amount plus any other earned income) exceeds $25,000/year filing individually or $32,000/year filing jointly. You can pay the IRS directly, but if you wait until the April 15th deadline to pay your taxes, you could be subject to an underpayment penalty along with your tax bill. Sandra Block explains what retirees need to know about taxes and steps to avoid a surprise tax bill. Read Ms. Block’s article here…
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