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What you should know about taxes and Social Security benefits

Will your tax bill this year include taxes on your Social Security benefits? About 55 million people receive monthly Social Security payments and some of them pay taxes on up to 85 percent of those benefits, depending on their financial situation. Will you have to ante up to Uncle Sam when you begin to collect Social Security? If you’re not certain – or if you’re currently being taxed on your benefits – the Minnesota Society of CPAs (MNCPA) offers advice on ways to minimize your outlay. Read more…

 

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