Can I Really Avoid Income Tax On Social Security?
For most retirees living on a fixed income, every penny counts. Unfortunately for them, every penny counts to the Internal Revenue Service too. There’s no arguing that taxes on social security are incredibly high. As a matter of fact, according to current tax law, up to 85 percent of a person’s Social Security income is taxable when their total ‘threshold income’ exceeds a set limit. What is threshold income? Threshold income is the government’s formula for determining how much of a person’s Social Security is...View Article