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Taxation of Social Security Benefits–Assessing the Impact on Your 2025 Return
The issue of federal taxation of a portion of Social Security benefits is currently undecided, with the Trump Administration lobbying to eliminate the tax entirely. At the same time, Congress is looking at bills designed to increase the outdated thresholds used by the IRS to assess the tax. What will happen is a guess at this point, but looking ahead to the impact on 2025 income tax returns, now would be a good time to do some advance planning. This is especially true for those who benefited from the recently enacted Social Security Fairness Act and have seen both a current benefit increase and a retroactive increase. There will likely be an impact that needs to be planned for to avoid tax surprises next year. An article by the staff at fingerlakes1.com can help you navigate this issue…check it out here.