Sunday, December 9, 2018
Thursday, November 29, 2018
SOCIAL SECURITY COULD RAISE YOUR TAXES
HOW SOCIAL SECURITY COULD RAISE YOUR TAXES
Matt Logan | November 28, 2018As you prepare for retirement, one of the last things you’d probably expect is to face a higher tax rate. You’re on a fixed income, after all, with just a fraction of the income you had while you were working. Many retirees are surprised to find out that up to 85% of their Social Security benefits can be taxable. Because of the unique way Social Security benefits are taxed, retirees can face a massive effective tax rate. If you haven’t figured Social Security taxes into your saving strategy, that mistake could leave you with a significant income shortfall once you retire.
Credit: Social Security Administration
How taxes on Social Security benefits work
Once you retire, distributions from IRAs (except for Roth IRAs), pensions, and other income sources are taxed at your regular rate. Social Security benefits are only taxable if your entire retirement income is above a certain threshold. Around 56% of beneficiary families now have to pay taxes on their Social Security benefits, according to a report from the Social Security Administration.
To figure out if you have to pay taxes on your Social Security income, add half of your Social Security benefits to the total of your other retirement income. If the sum is between $25,000 and $34,000 for singles or $32,000 and $44,000 for couples, up to half of your Social Security benefits are taxable. If your income exceeds $34,000 for singles or $44,000 for couples, you will have to pay income tax on up to 85 percent of your Social Security benefits.
|
Filing Status |
Threshold for 50% Taxation on Social Security |
Threshold for 85% Taxation on Social Security |
|
Single, Head of Household, Qualifying Widow(er) |
$25,000 to $34,000 |
Over $34,000 |
|
Married filing jointly |
$32,000 to $44,000 |
Over $44,000 |
How tax on Social Security can cause a massive increase in your taxes
Because of the way Social Security benefits are taxed, certain groups can end up facing tax rates that are far higher than they expected to have to pay. This is where it pays to talk with a Greensboro financial planner.The following example shows how tax on Social Security can leave you facing a huge marginal tax rate:
If you are single and have $1,500 in monthly Social Security income and monthly withdrawals of $2,000 from a traditional IRA or 401(k) account, your countable annual income would be $24,000 plus half of $18,000 for a total of $33,000. Because that is below the $34,000 threshold, only 50 percent or $9,000 of your $18,000 Social Security income would be taxable. Your total taxable income would be $33,000 and you would be taxed at a 12% rate (according to 2018 Federal tax brackets).
Working from that example, if you took an additional one-time IRA withdrawal of $1,500, it would raise your total countable income to $34,500. Since that is over the 85 percent threshold, $15,300 of your Social Security benefits would be included in your taxable income now. You would have added $1,500 to your taxable income by IRA rules, plus an additional $6,300 of your Social Security benefits would be taxable. Your total taxable income would now be $40,800, raising you to the 22% tax bracket.
Because of the way that additional $1,500 in IRA income would effectively increase your tax burden, you could actually end up having less income at your disposal.
Credit: The Fiscal Times / Gallup
How to lower Social Security - 3 tax tips for retirees
57% of retirees rely on Social Security as a main income source, and 90% count on Social Security benefits to provide at least some income. That makes Social Security tax strategies an essential concern for most seniors. Here are three tax tips for retirees that will help lower your Social Security taxes so you can keep more of your benefits:
- Manage distributions from your IRA
Take advantage of penalty-free withdrawals from your IRA starting at age 59 ½, and delay signing up for Social Security until age 70 ½. If you withdraw money from your IRA throughout your 60s or take a large distribution the year before signing up for Social Security, you can reduce the amount of money in your IRA before required minimum distributions begin.
- Donate to charity
One way to lower taxes on Social Security benefitsis by donating the required minimum distribution from your IRA.If you are a retiree age 70 ½ or older, you can avoid taxes on your IRA distribution if you have it transferred directly to a charity. This may be your best choice if keeping the distribution would put you just over the next tax bracket. - Consult a professional
A professional Greensboro financial advisor can help you figure out the best Social Security strategies for your situation. Knowing when to start collecting Social Security, the best way to manage your IRA distributions, and other retirement income strategies can make the difference between struggling to make ends meet and enjoying the retirement of your dreams.
Once you understand how Social Security could raise your taxes, the importance of retirement income strategies becomes clear. If you would like more Social Security tax tips or help planning tax-saving strategies for your retirement, reach out to Matt Logan at www.mattloganinc.com or call 336-540-9700. We will assess your income sources and options to create a retirement income plan that will help you enjoy the best lifestyle possible.
Matt Logan is a Representative with Matt Logan Inc and Summit Brokerage and may be reached at http://www.mattloganinc.com/, 336-540-9700 or matt@mattloganinc.com.
Matt Logan Inc. is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice.
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Wednesday, November 28, 2018
Web Designers in Greensboro NC Area
NC Internet Marketing
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Monday, October 22, 2018
3 Techniques to Get Premium Quality Backlinks From Authority Websites
Google pays a great deal of attention when it comes to backlinks. The algorithm includes the number and quality of links that lead to and from your website. In a sense, if Google finds that sites with authority has mentioned any other site in their content, then the search giant assumes that the website is trustworthy. You’ll need a definitive Strategic Guide on How to Build Backlinks in 2018, teaching you how to create useful infographics, guest posts, identify broken links and propose a replacement.
Use The Power of Social Media Networking
Community interaction is an invaluable aspect of running a business. You’ll need to have a presence on popular social media sites such as Facebook, Twitter, LinkedIn or Pinterest and develop a unique marketing approach to expand your reach and grow your business.
Get Into YouTube video Marketing
Instructional and sales videos can possibly be great for offpage SEO, and if you upload it to YouTube you’ll be sure to ramp up your search engine rankings as well. Be sure to put in an attractive headline, a helpful description and a link to your official website for good measure.
Provide Valuable Input In Q&A Platforms
Make the most of popular online platforms that feature a sort of Q&A among the members. Examples include Yahoo! Answers, Quora and similar sites. Take a moment to see what questions you can help out with depending on your niche, industry or business. The focus should be on providing value to the one who asked the question and to those who are trying to find answers. Over time, you’ll gain an audience, build up a quality profile and get more traffic heading to your main website.
ServerSEO.com
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Wednesday, October 17, 2018
Tuesday, October 16, 2018
Sunday, October 7, 2018
Custom Graphics In Greensboro (336) 294-8807
Custom Graphics In Greensboro (336) 294-8807
Custom Graphics In Greensboro (336) 294-8807
First impressions matter.
You know what they say: you only have one chance to make a first impression. Whether it’s a web site or the logo in an email signature, potential customers will judge a business in just a few seconds according to visual appeal alone. High-quality graphic design gives businesses credibility– and that’s priceless. No matter how great a service or product, with poor design, it’s unlikely anyone will stick around the company’s website or keep its email long enough to find out.
Branding makes a company unforgettable.
Solid graphic design provides branding consistency across every visual, customer-facing aspect of a business. A professional graphic artist will use precise colors, typeface, imagery, and mood for everything he or she touches. In this way, customers have the same experience visiting a company’s website as they do reading its brochure. Think of it as a kind of alliteration– it helps the business become recognizable and memorable. Plus, consistency symbolizes professionalism, and professionalism symbolizes trustworthiness. A company’s graphic communication plan serves many purposes, and making your business unique should be one of them. Many local businesses don’t realize that they can more deliberately affect what people think of them. Local business branding can give you a leg up.
Design can tell a story.
Similarly, it is very important that people get a sample of what a business does even if they’ve never come across it before. Thoughtful design evokes the right image in customers’ minds. The concept for a daycare center would be entirely different than that of a law practice. That’s a dramatic contrast, but it applies in more nuanced ways also. We are a signage and graphics company on the forefront of signage innovation. When we say we create fully customized signage and graphics, we really mean it. We have the tools, the creativity, and guts to try any form of signage that you can imagine.
Good design converts.
A slick website is nice to have. A slick web page that converts is even nicer. Design isn’t just about making things look pretty; effective design should entice and persuade. A smartly designed website can direct visitors to react, like clicking a “buy” button for example. A well-crafted pamphlet compels readers to keep turning pages. Professional graphic design has the potential to deliver measurable results for a local business.
The American Sign Shop
5223 W Market St.
Greensboro NC 27409
(336) 294-8807
http://theamericansignshop.com
Greensboro Custom Signs
Greensboro Vinyl Signs
Greensboro Business Signs
Greensboro Electric Signs
Greensboro Car Wraps
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