Social Security Tax Reduction Strategies Cleveland

Social Security Taxation Reduction Strategies

How we can help you?

In old age, nobody wants to keep dragging and thinking about taxes and government policies that take money from their pocket. A life of rest, enjoyment and reminiscing memories is what we all dream of and you need the right people to actualize that dream. Congratulations! You’ve come to the right place!

At Yonah Tax, your life and financial security is our priority. It brings us joy to see you enjoy what you have worked for without worries or painful deductions. You paid into the system all your life and we’ll help you enjoy the benefits later. With tax advisors who have over 10 years of experience, you’re in safe hands!

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Up to half or 85% of Social Security benefits is taxed most of the time. If you’re in Georgia, you’re safe from social security tax but still have to deal with partial taxes on retirement withdrawals below 62 years of age. For most other Americans, it isn’t the same but we’re here to help you either way.

We employ working strategies before and after retirement to help minimize the amount of tax you’ll pay on Social Security benefits.

What You Need To Know About Social Security Tax

Small Business Strategy Development

Strategies To Reduce Social Security Benefits Taxation

At Yonah Tax, we study your unique situation, income level and tax bracket to determine which strategy to employ to maximize your benefits with little taxing. Some of the strategies we use include:

Using Roth Accounts For Some Retirement Funds

Roth IRAs are pre-tax accounts, which means that before any contribution into the accounts, the tax on it is paid which makes withdrawals from the account tax-free. Hence, the Roth withdrawals do not affect the tax you owe on Social Security benefits or your taxable income. Having both Roth and regular retirement accounts gives you the flexibility you need to manage your withdrawals as well as minimize taxes on your social security benefits. At Yonah Tax, we do Roth IRA conversions to make things easier for you. Send us a message now to get started!

Pre-Retirement Withdrawals

During your peak earning periods, after the age of 59 where you can take withdrawals from your retirement funds without penalty, it's best to withdraw and pay the taxes on that income so you can utilize them tax-free later on without increasing your taxable income. Ultimately, you pay less in those periods than you would after you start receiving Social Security benefits. These withdrawals require careful planning and expert opinions. Not to worry, that's what we're here for!

Annuity Contracts

Qualified Longevity Annuity Contracts are one of the ways to reduce the taxes on Social Security benefits.

Social Security Taxation Reduction Strategies

Why Yonah Tax?

Our tax advisors are trained to manage your finances responsibly and reduce the amount of tax you’re required to pay on Social Security benefits while maximizing your potentials through constructive financial investments. You’ll wake up every morning with no worries.

You will get our personal assurance that we will secure your interests and guard you against losses from the financial market. With our expertise and knowledge, we help you make the right decision about your future; whether it’s filing for social security benefits or planning the right financial strategy.