The Key to Tax Planning

When do individuals in a 15% tax bracket pay tax a 27.25% rate? When they must account for taxes on Social Security Benefits. However, there is a difference between preparing your taxes and planning around your taxes. Planning from a Tax-Smart Perspective can be defined as making decisions that are investment-based whether through life insurance, annuities, or securities-based accounts, potential tax repercussions must be observed.

Social Security recipients are taxed on provisional income. It`s the total of 50% of Social Security benefits, plus all other gross income including tax-free interest.  Once combined income is determined, taxpayers fall into one of three categories.

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