taxes

Who pays the most and least in taxes

Does the average American pay too much in taxes? A recent poll from AP-NORC found “only about 18% of adults correctly identified the group facing the highest federal tax burden, which is high-income Americans.” Alex Muresianu, a senior policy analyst…

Have you filed your taxes yet?

The 2023 federal tax filing deadline of April 15, 2024, is fast approaching; have you filed yet? Are you required to file a tax return? Yes, some Social Security recipients are not required to file; however, it will depend on…

Social Security and taxes

If you receive Social Security benefits, do you need to file taxes? Well, that will depend on several factors, which include marital status and your modified adjusted gross income. Katie Teague and Nina Raemont will explain how you determine if…

Retirement planning should be a comprehensive process

You are not alone if you are worried about money, especially during retirement. According to the American Psychological Association, 72 percent of adults reported feeling stressed about money. So, to tackle the stress of financial worries in retirement, all the…

Eliminating federal tax on Social Security benefits?

Could eliminating federal tax on Social Security benefits be soon? Yes, if You Earned It, You Keep It Act (H.R. 8717) passes by both the House and Senate and then signed by the President to become law. However, this is…

Is it possible to lose some of your Social Security?

As part of the “three-legged” stool of retirement planning, Social Security should play an equally important role along with pensions and retirement savings; however, for some people, Social Security is the only leg of that stool. So, it is essential…

Claiming as soon as possible could hurt your finances in more ways than one

You can start your Social Security retirement benefits as early as age 62. However, if you start receiving benefits early, they are permanently reduced. Although there are times when starting your benefits at 62 is a good idea, if you…

COLA increase might not be enough

The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. However, you may not be as much as you think it will be due to Medicare Part B…

When are Social Security benefits taxable?

“Certain things in life are unavoidable, including dying and having to pay taxes!” Many Social Security recipients are surprised that they may have to pay taxes on their benefits. Of course, it will all depend on whether you exceed the…

How is Social Security taxed

If you feel inflation has eroded your Social Security benefits, you are not mistaken, but that is not the only reason. Although the government will regularly adjust many things for inflation, one thing they have not since 1984; is the…

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