How To Deal With Tax Preparation: Difference between revisions
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Revision as of 21:06, 9 May 2026
Despite fresh tax rate reductions from the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees is a whopping 46.3%. Why? Because Social Security benefits are subject to income taxation. Those affected are Social Security recipients who have enough good fortune (misfortune?) to be subject to both the 25% taxes bracket as well as the 85% inclusion rate for Social Security benefits.
2) Perform participating in your company's retirement plan? If not, test? Every dollar you contribute could reduce your taxable income minimizing your taxes to jogging shoe.
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