Understanding How Social Security Benefits are Taxed in Your State
Don’t Get Caught Off Guard: How State Taxes Can Impact Your Retirement Income
According to AOL, As you plan for retirement, you might be surprised to learn that some states can take a chunk of your Social Security benefits. This is because nine states have laws that make retirees pay income tax on their Social Security benefits. The rules for each state are different, so it’s important to know what’s going on in your state.
If you get Social Security benefits, you must know how they’re taxed. The federal government also takes a share of your benefits, but the rules differ. The state and federal governments have their own rules, which can be confusing. But it’s important to understand how this affects your money.
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Retirement Tax Alert: How to Avoid Paying Too Much in Social Security Benefits Taxes (PHOTO: GOOGLE)
maximize Your Retirement Income: How a Tax Expert Can Help You Save
To make sure you’re not paying too much in taxes, it’s a good idea to talk to a tax expert. They can help you figure out how to save money on your taxes and create a plan that works for you. By knowing what’s going on with your taxes, you can enjoy a more comfortable retirement.
