double taxation
Taxation of Social Security Benefits: A Stealth Tax Increase
A series of inflation-driven cost-of-living adjustments can be both a positive and a negative for retirees, as many will find out when filing their federal income tax returns in future years. This is simply because the thresholds for federal income…
Surprise! Your Social Security Benefits May be Taxed
For many folks entering the retirement world with an understanding of what their monthly Social Security benefit payment–the benefit they’ve earned through a lifetime of work and FICA tax contribution–will be, it comes as a surprise at tax time to…