In the example below this client is taking money from their IRA’s. They would like to take more money and pay less income tax. This dilemma hits taxpayers each and every tax year.
Taking More Money from Your IRA While Paying Less Income Tax Example
Old Tax Return New Tax Return
$10,000 Interest Income $ 0
$10,000 Dividend Income $ 0
$10,000 Capital Gain Distributions $ 0
$5,000 IRA Distributions $ 10,000
$20,000 Pension $ 20,000
$17,000 Taxable Social Security $ 4,000
(Social Security Received $20,000)
$72,000 Total Taxable Income $ 34,000
$8,321 Total Income Tax $ 2,156
Tax Savings $6,165
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If you fill-in the Tax Reduction Summary Form today, you will receive a Free personalized 30 minute Tax Reduction Summary Report which is valued at $750. It will show you specific ways to reduce your tax bill by thousands of dollars each year or more! And that includes the tax on your social security benefits.
For more information, call 610-945-1954 today! If you are an individual or business owner earning over $200,000 or are married and earning over 250,000, President Obama has a new tax plan for you and it’s not going to lower taxes!
Every day you wait; will cost you more and more in income taxes for 2012 and beyond. Don’t procrastinate, fill-in the Tax Reduction Summary form today to see how much you can save on your taxes.