Did you know your Social Security benefits can be taxed up to 85%? The amount of taxes you need to pay on Social Security benefits is determined by your taxable income level, but many are unfamiliar with the thresholds that define those limits nor the qualifications of taxable and non-taxable income.
Luckily, the tax impact on Social Security benefits can be significantly reduced or even eliminated by lowering taxable income amounts below IRS thresholds through careful and proactive financial planning. By working with financial and tax advisors who can evaluate your income and explore potential strategies to lower that number and keep more in your pocket, your overall financial health can have significant impacts.
In this episode of Money Script Monday, Sean reveals how taxes on Social Security benefits are based on taxable income and offers a strategy to lower that tax liability.
Resources Provided for This Episode
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