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The Tax Man Cometh…Even in Retirement
It can come as an unexpected wrinkle in one’s retirement financial plans, this issue of income tax. Many folks are not aware of the fact that their Social Security benefits might well be subject to income tax, when added to their income from other sources. So, if your financial plans didn’t take into account that up to 85% of your benefit can get hit with tax as if it were regular income, that could put a dent in what was otherwise a solid plan. CPA Debbie Mueggenborg shares some insights into this taxation issue in a post on www.examiner-enterprise.com, so check out her article here…
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