Retiree’s that work, may be working for next to nothing!

If you or someone you know are on Social Security and have a small business to make a few bucks on the side, you may be very surprised when your tax bill is due. I recently had a new client that earned $20,000 more in income than they did the previous year, but because it put them in a higher tax bracket, they had to pay taxes on their social security income as well and they only netted $7000!

If you are on social security and working to make extra income, unless you just love what you do, you may need tax planning to make sure your hard work is not just going to pay more taxes.