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Despite fresh tax rate reductions of the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees can be a whopping forty-six.3%. Why? Because Social Security benefits are subject to income tax. Those affected are Social Security recipients who have the good fortune (misfortune?) always be subject to both the 25% tax bracket and also the 85% inclusion rate for Social Security benefits.

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Minimize property taxes. When it comes to taxable income it's not at all how much you make but the amount you get to keep that matters. Monitor the latest modifications in tax law so you just pay the least amount possible.

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