taxes

How much in savings will the new deductions provide?

When the “Big, Beautiful Bill” was signed into law on July 4th, it included a new senior tax deduction (temporary) aimed at those seniors who pay taxes on their Social Security. Because this bill was a reconciliation bill, it could…

Tax Deduction : $4,000 or $6,000?

The Big Beautiful Bill passed the house with a provision for an additional $4,000 tax deduction for seniors age 65 and over. This is a roundabout way to help cut taxes on Social Security Benefits. The Senate is now perusing…

Funding public services

We have all heard the cry “Tax the rich” when it comes to public funding of services. The U.S. tax system is very progressive; the more you earn, the higher your tax rate. The “top” 1 percent of earners paid…

Take steps to avoid a surprise tax bill 

“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…

Get Your Social Security Benefit Statement (SSA-1099)

Tax season is here, and we’ve made replacing your annual Benefit Statement easier. There’s no need to wait on the phone or make an appointment to visit a Social Security office. Continue reading here… The link provided above connects readers to…

Are Social Security benefits taxed?

Do you have to pay income taxes on your Social Security benefit? About 40 percent of people who get Social Security must pay federal income taxes on their benefits. However, this usually happens if you have other substantial income in…

Have you already paid your taxes for 2025

In the wee hours of New Year’s Day, over 229 Americans had already paid their Social Security tax for 2025. Compare this to the 164 million Americans who pay Social Security tax all year long. If there were no cap…

Only 9 States Still tax Social Security Benefits

Stefan Walters for The Motley Fool explains that although Social Security may be subject to Federal Income Tax, there are 41 states that do not tax Social Security benefits. More states are getting rid of state income tax on Social…

How soon will taxes be eliminated?

One of the biggest surprises for newly retired individuals is that they may have to pay federal taxes on their Social Security benefits. The Social Security Administration states, “About 40 percent of people who get Social Security have to pay…

Your tax bill could be much lower depending on where you retire

Most of us know the famous Ben Franklin quote about taxes; “Nothing can be said to be certain, except death and taxes.” However, times have changed when it comes to taxes. Retirees may or may not have to pay state…

Website by Geiger Computers