You're retired. Congratulations!
Maybe you just started receiving Social Security benefits. Now you file your income taxes and....surprise! You owe Uncle Sam.
How can that happen? It's because if you receive Social Security benefits and income from other sources (including tax free interest and dividends) up to 85% of your SS benefits may be taxable.
Maybe you have been retired for a few years and you have been living comfortably. Then you get a letter from the IRS about your IRA because you passed the magical age of 70 ½. You can face a penalty of 50% of the amount you were required to withdraw from your IRA or 401K.
These are just a couple of the "Tax Traps for Seniors".
I have had extensive experience in preparing seniors' tax returns.
Give me a call today.

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