Federal Taxes
The benefits of eliminating these taxes vary by income level
Representative Thomas Massie (R-KY) reintroduced the Senior Citizens Tax Elimination Act, H.R. 1040. This bill assists seniors by exempting Social Security benefits from federal taxation. What will this bill mean to Social Security recipients? Kailey Hagen explains how and who…
Potential Social Security Changes Under New Administration
President Trump has already made changes during his first day in office. So far we do not know when or if there will be changes to Social Security. His main agenda is to eliminate federal taxes on Social Security benefits.…
Minimizing your tax bill
One aspect not discussed in detail when saving for retirement is the impact of taxes on your retirement savings. Many retirees may be taxed at 20 to 30 percent when withdrawing from their retirement accounts. Only one-third of respondents of…
Does your state tax Social Security benefits?
The Internal Revenue Service announced Jan. 29, 2024, as the official start date of the 2024 tax season when the agency will begin accepting and processing 2023 tax returns. Some retirees will not need to file if their total income…