How to Cut Taxes on Your Social Security Income, by Advanced

Financial Concepts

There are many legal ways to save money on taxes, which can be hugely beneficial if you are aware of your entitlements. Modified adjusted

gross income of more than $25,000 for individuals or $32,000 for people who file jointly is taxable,

but there are methods you can use to reduce the amount of money classified under this heading.

All forms of taxable income, including capital gains, interest, and dividends, come under the title

of social security income. Putting some of these incomes into non-taxable accounts, such as an annuity or an IRA, can reduce the amount of tax

that must be paid for social security income, provided that your total social security income

then dips below the taxable rate.

About the author: Advanced Financial Concepts is a business dedicated to advising clients how to

optimize their finances. President and founder of Advanced Financial Concepts, Justin F. Shaw, was named Five Star Wealth Manager in 2010.