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Decoding the 2024 Tax Landscape: What New Brackets Mean for Your Paycheck and Social Security
Manage episode 407501200 series 3561333
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Join Steve Hoyl and Derrick Caldwell from the Hoyl Financial Group as they unravel the intricacies of the IRS's latest tax bracket adjustments, set to roll out in 2024.
While the prospect of lower tax rates sounds promising, Steve and Derek delve into a crucial aspect that often gets overlooked—how these adjustments impact the taxation of Social Security benefits, especially for retirees. With more than half of retirees expected to pay taxes on their Social Security income next year, the duo sheds light on potential pitfalls and how to navigate them.
As the conversation unfolds, Derek highlights the alarming lack of awareness surrounding the taxation of Social Security benefits, especially for those taking early retirement. Steve emphasizes the importance of strategic planning, debunking common misconceptions and guiding listeners on making informed decisions about when to claim Social Security.
Call Steve and the team today for your complimentary Tax Analysis!
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