taxes Archives - DR News - News, Retirement, Finance

Educators and State Police Salaries Increased, Social Security Taxes Phased Out by Senators

Charleston, West Virginia – State senators in West Virginia recently passed bills aimed at increasing the salaries of State Police and educators, as well as phasing out Social Security taxes. This move has significant implications for both public safety and the education sector in the state. The new legislation seeks to address concerns regarding the competitiveness of salaries for State Police officers and educators in West Virginia. By raising their salaries, lawmakers hope to attract …

Why HSAs Might Be the Best Thing You’re Not Using Yet

Imagine a world where your healthcare dollars work as hard as you do, where every penny you save for medical needs gets a superhero cape, flying tax-free, growing in strength, and always ready for action. Welcome to the universe of Health Savings Accounts (HSAs)! These aren’t just any ordinary savings accounts; they’re your ticket to tax advantages, investment growth, and a future where you’re in the driver’s seat of your health expenses. If you are …

Social Security Surprise: Retirees Facing Unexpected Taxes and Penalties

New York, NY – Social Security benefits can be a surprise tax burden for retirees across the country. Many are unaware of the potential taxes they may face on their Social Security income even after retirement. Mark Miller, author of “Retirement Reboot” and a Morningstar contributor, delves into the complexities of Social Security taxation and offers valuable insights on how retirees can navigate this issue. Income from Social Security is treated similarly to other forms …

Exempt: Four Groups Who Can Avoid Paying Social Security Taxes

Miami, Florida – Employees and employers in Miami, Florida, usually both contribute to Social Security taxes at a rate of 6.2% of earnings, up to the $168,600 wage cap in 2024. The Social Security Administration reported that approximately 180 million individuals paid these taxes in 2023, with few exceptions available for opting out. However, certain groups, such as eligible student workers, qualifying religious group members, certain government employees, and some nonresident aliens, may avoid paying …

Trump Endorses House Candidate Supporting Fiscal Commission Cutting Entitlements and Raising Taxes

Washington D.C., United States – Former President Donald Trump’s endorsement of Republican House candidate Jodey Arrington from Texas has raised eyebrows due to Arrington’s support for a bipartisan fiscal commission that could potentially lead to cuts in entitlement programs like Social Security and Medicare. Despite Trump’s public statements opposing such cuts and tax hikes, his backing of Arrington suggests otherwise. Arrington has expressed openness to the idea of raising taxes to address the federal budget …

Taxes on Social Security: Tips for Reducing Costs in the First Year

Indianapolis, IN – As retirement approaches, many individuals begin to navigate the complex landscape of Social Security benefits. One common concern for retirees is how to minimize the taxes paid on these benefits. Understanding the tax implications of Social Security is key to optimizing retirement income. When it comes to reducing taxes on Social Security benefits, there are several strategies that retirees can implement. One approach is to consider spreading out other sources of income …

Property Gifting Strategies to Avoid High Taxes: Expert Advice on Transferring Real Estate to Children

Los Angeles, California – A couple in Los Angeles, California, is seeking advice on how best to transfer their properties to their children without incurring substantial taxes. The couple, who have acquired multiple properties over the years, are hesitant to wait until their passing to gift the properties, as they find the idea unappealing. One option presented to the couple is transferring the properties to their children during their lifetime. However, it is important to …

Earnings, Benefits, and Taxes: Key Changes to Social Security in 2024

Albany, NY – Social Security, a program with a long history, has seen significant changes in 2024 that may impact both current recipients and future beneficiaries. From benefit increases to changes in earning limits, here are some key updates to be aware of. One notable change in 2024 is the 3.2% cost-of-living adjustment for Social Security recipients. While this increase is lower than the previous year’s 8.7%, it reflects a decrease in inflation rates, benefiting …

Social Security Taxes: IRS Claims $48.6 Billion in 2022 – Your Potential Impact Revealed

WASHINGTON, D.C. – The IRS collected a staggering $48.6 billion in Social Security benefit taxes in 2022, highlighting the substantial amount of money being withheld from retirees’ benefits. The magnitude of this figure raises concerns among Americans as they navigate their financial plans for retirement. These taxes are a result of the IRS’ practice of taxing Social Security benefits when a taxpayer’s income exceeds a certain threshold. As a result, beneficiaries may see a portion …