Roughly one in seven retirees in the U.S. rely on Social Security for nearly all their income, according to an AARP analysis. But these benefits don’t always come without Uncle Sam’s strings attached.

Check Out: 10 Ways for Retirees To Cut Back on Expenses in 2024
Read Next: Owe Money to the IRS? Most People Don’t Realize You Can Do This – Today

The taxation of Social Security began in 1984, following the enactment of Amendments in 1983, which President Reagan signed into law. Under that law, up to 50% of Social Security benefits could be added to taxable income, provided the taxpayer’s total income exceeded certain thresholds.

Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.

Some States Tax Social Security for Retirees

To worsen financial matters for retirees depending on Social Security to make ends meet, some states impose their own state income taxes on benefits. Fortunately, there aren’t nearly as many states that impose their own tax on Social Security as those that don’t.

“The list of states that do not tax Social Security is much longer than those that do,” said Brian Kuhn CFP, CLU, SVP and financial advisor at Wealth Enhancement Group. “And each state makes its own rules, which sometimes change, including, recently, in Missouri and Nebraska.”

Both Missouri and Nebraska have decided to stop taxing Social Security benefits in 2024.

Retirement Planning: How Much the Average Person 65 and Older Spends Monthly

Only 10 States Will Tax Social Security in 2024

Only 10 states do or will continue to tax Social Security benefits in 2024.

“They are Colorado, Connecticut, Kansas, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont and West Virginia,” Kuhn said. “Each state has tax provisions that could provide deductions for individuals below certain thresholds or ages, making each state unique.”

Most States Will Not Tax Social Security in 2024

The vast majority of states — plus Washington, D.C. — will not tax Social Security benefits in 2024. These states are:

• Alabama
• Alaska
• Arizona
• Arkansas
• California
• Delaware
• Florida
• Georgia
• Hawaii
• Idaho
• Illinois
• Indiana
• Iowa
• Kentucky
• Louisiana
• Maine
• Maryland
• Massachusetts
• Michigan
• Mississippi
• Missouri
• Nebraska
• Nevada
• New Hampshire
• New Jersey
• New York
• North Carolina
• North Dakota
• Ohio
• Oklahoma
• Oregon
• Pennsylvania
• South Carolina
• South Dakota
• Tennessee
• Texas
• Virginia
• Washington
• Wisconsin
• Washington, D.C.
• Wyoming

How Much Do Retirees Save on Social Security Taxes in These States?

Kuhn pointed out that you can calculate how much you’re saving on taxes — assuming you live in a state that does not tax Social Security benefits — by looking up the effective rate of tax you paid to your state for all taxed income sources and applying that to your total Social Security benefits.

“So, for example, if your effective rate in your state was 5%, and you received $30,000 in Social Security benefits, that would be a savings of $1,500,” Kuhn said.

From a big picture perspective, the amount saved among retirees who are not taxed on Social Security benefits by their state of residence is quite impressive.

“In Missouri, for instance, retirees are looking at a collective annual saving of around $309 million,” said Jeff Rose, CFP, founder of Good Financial Cents. “Over in Nebraska, it’s about $17 million. That’s a lot of money that retirees get to keep in their pockets instead of it being drained away by state taxes.”

The post 41 States That Won’t Tax Social Security Benefits in 2024 appeared first on Good News!.

Forensic accountant Larry G. Goldsmith, author of the historical fiction novel BASHERT, a courtroom drama, surrounding a Jewish love story. His professional experiences are woven into believable and authentic storylines. He applies his real life occupation of courtroom dramas and negotiating with the IRS into many of his novels. For more information on Larry, visit: https://larrygoldsmithauthor.com/.
To receive a review copy, or to schedule an interview, please contact: Heather Huzovic, 646.972.0033 or heather.huzovic@gmail.com.
Thank you! — Heather Huzovic

In an interview, Larry G. Goldsmith can answer the following questions:
•    What is the meaning of the word Bashert?
•    What was the inspiration for this story?
•    On whom did you model your characters?
•    You chose to make Shira’s family ultra-religious. Why?
•    Michael and Shira came from two different worlds. How could that not have destroyed the relationship?
•    Are the stories told by the witnesses in the novel true?
•    Where did you come up with the idea of the corrupt prosecutor?

ABOUT THE BOOK:
In the late sixties, the world is experiencing a counter revolution, rebelling against the devastating war in Vietnam and cultural norms. During these days of rage, the Soviets and U.S. seek to end the nuclear arms race. As a bargaining chip, the Nixon administration promises to support a free trade agreement while ignoring Soviet human and religious abuses.

In New York City, a young criminal attorney enters the fray after his shotgun wedding to the Rebbe’s daughter. His father-in-law is a world renowned clandestine leader seeking religious freedom for millions of Soviet citizens. The White House prosecutes the Rebbe as their scapegoat so the U.S. Soviet trade agreement passes Congress. The Nixon administration will use every legal tool orchestrated by an unscrupulous U.S. prosecuting attorney to imprison the Rebbe and destroy the credibility of his movement. Millions of lives rest on the outcome of the trial. The world watches, waiting for a courtroom verdict, as two young lovers and an old Rebbe battle two world superpowers.

ABOUT THE AUTHOR:
Larry G. Goldsmith is an author, financial sleuth (forensic CPA) and an attorney. His professional experiences are woven into believable and authentic storylines. He applies his real life occupation of courtroom dramas and negotiating with the IRS into many of his novels. Goldsmith has published two novels, Bashert and Marc Marci.
He is happily married, living with his wife in the Second City (Chicago). Being a baseball fan, every novel contains a baseball tidbit woven into each story. When not working or writing, he is riding his bicycle or recalling younger days when he kayaked down dangerous whitewater rivers and played volleyball. For more information on Larry, visit: https://larrygoldsmithauthor.com/.
Connect with Larry on social media:
https://www.linkedin.com/in/larry-goldsmith-cpa-jd-maff-08a54a4/overlay/photo/
https://www.goodreads.com/user/show/123641786-larry-goldsmith

The post Passover Special: Forensic accountant Larry G. Goldsmith, author of the historical fiction novel BASHERT, a courtroom drama, surrounding a Jewish love story. appeared first on Good News!.

Please subscribe to the Podcast. This way you will get future shows.

1. The Nature Edition: https://youtu.be/3r3z2ri3jKM Improvised classically-styled electronica performed by digital keyboardist Don Slepian set to natural scenic ambient video. This is the one most people will see.

2. The Psychedelic Edition: https://youtu.be/0oVj0wuKzXI This comes with a warning disclaimer. The visuals here are mandala-styled computer graphics that respond to the music. Those who like this sort of thing may like this very much.

3. The Playing Hands Edition: https://youtu.be/YfL4tyI42s4 This is intended for music students. It shows a clear multi-camera view of the live performance showing instant patch changes and sonic layering as well as the keyboard performance itself.

Please share these videos where they might do the most good. Expose the world to these beautiful classically-styled music videos. Please do add comments on the videos if you are so inclined. Ideas, feedback, and suggestions are welcome. Your support is much appreciated.

“Orchestral Memes” is now a project of the Eurock Foundation, a 501(c)(3) cultural & charitable organization. Support for “Orchestral Memes” is fully deductible under IRS laws.

The post Don Slepian’s unique digital keyboard as a solo performance instrument appeared first on Good News!.

I want to Thank You all so much for your love and support. I have wonderful News, The KYLE Foundation (Keep Your Light Expanding)has raised enough donations to incorporate as a non-profit foundation in the state of Pennsylvania and file for 501c3 status with the IRS; also The KYLECenter will qualify for a federal community center grant because of its location.

Also Awake 2 Oneness Radio and The KYLE Foundation will be sponsoring its first community event on the 6th Annual GlobalOneness Day, Saturday October 24th, at the Pocono Mountain Public Library in Tobyhanna, PA.

Global Oneness Day is an annual event that is sponsored by Humanity’s Team a global organization, offering a Free 12 hour Live Virtual Summit with over 40 world leaders, scientists, entertainers, spiritual leaders, activists and business leaders.

I wrote my first Press Release for the community event that we will be sponsoring.

GLOBAL ONENESS DAY 2015 CELEBRATION IN THE POCONOS

By: Caroline Chang
October 19, 2015

Tobyhanna, PA – Come Celebrate the 6th Annual Global Oneness Day! We Are All One, Let’s Live That Way!

Awake 2 Oneness Radio and The KYLEFoundation (Keep Your Light Expanding) will be hosting a Global Oneness Day celebration at the Pocono Mountain Public Library in Tobyhanna, PA on Saturday, October 24th from 10:00 am – 2:00 pm EDT.

There will be refreshments, live music, video presentations and we will listen to the first three hours of the Streaming Live Tele-Summit with over 40 world leaders, scientists, entertainers, spiritual leaders, activists and business leaders who will be speaking, such as Archbishop Desmond Tutu, Michael Bernard Beck with, Neale Donald Walsch, Panache Desai, Marianne Williamson, Ken Wilber and many more speakers.

Humanity’s Team works year-roundto sponsor Global Oneness Day worldwide. It is an “Earth Day” for an awakened humanity. Its function is to awaken the whole of humanity to our Oneness with each other and all of life. Humanity’s Team is a registered 501c3non-profit organization.

To learn more about Global Oneness Day and to register for the Free 12 hour Live Virtual Summit go to:
https://vg165.isrefer.com/go/AffG1D2015Reg/Awake2OnenessRadio/

About Awake 2 Oneness Radio

A new Internet Talk RadioShow/Podcast! Awake 2 Oneness Radio’s mission is to inspire the World to awaken to the Universal Truth of Oneness. Spirituality and Science are telling us we are literally all connected, we are all ONE and when the world awakes to this Truth there will be peace on earth. The show will feature guest experts in Spirituality,Metaphysics & Quantum Physics. Theshow airs live on Fridays at 7:00 PM EST.
http://www.awake2onenessradio.org/

About The KYLE Foundation

In dedication of my son’smemory, Kyle R. Chang, who passed away on July 1, 2014, I am starting anonprofit foundation, The KYLE Foundation (Keep Your Light Expanding).

The KYLE Foundation (KeepYour Light Expanding) will raise funds for The KYLECenter. The non-profit community center will be a gathering place for ALL, of all religions, cultures and backgrounds. There will be lecture halls,classrooms, library, meditation garden, community rooms, book & gift store and cafe. The center will be open FREE to the public.

All events, classes,lectures, workshops, and seminars will be FREE of charge. The KYLE Center will operate 100% on grants and donations. All donations to The KYLE Foundation will be tax deductible even though 501c3 status is pending, the IRS will retroactivetax exemptions for up to 27 months.

http://www.gofundme.com/juyjek

Contact

To learn more about this please contact:

Caroline Chang
123 Saint Regis Walk
Tobyhanna, PA 18466

Home Office: (570) 894-3056

Cell: (570) 972-4399

Email: cbchang@verizon.net

The post Wonderful NEWS! appeared first on Good News!.