Virginia Does Not Tax Social Security Benefits
Depending on Your Income, You May Avoid Paying Taxes on Benefits
If you are a resident of Virginia, you are fortunate because the state does not tax Social Security benefits. This means that you can keep all of your hard-earned money without having to worry about paying taxes on it. However, if you live in one of the other 12 states that do tax Social Security benefits, you may have to pay taxes on up to 50% of your benefits. To find out if you live in a state that taxes Social Security benefits, please visit the following website: https://www.ssa.gov/benefits/retirement/planner/taxes.html.
If You Are Required to Pay Taxes on Your Social Security Benefits
If you are required to pay taxes on your Social Security benefits, there are a few things you can do to reduce the amount of tax you owe. First, you can make sure that you are taking advantage of all of the deductions and credits that you are eligible for. Second, you can consider making estimated tax payments throughout the year so that you do not owe a large sum of money when you file your taxes. For more information on how to reduce your tax bill, please visit the following website: https://www.irs.gov/newsroom/heres-how-to-reduce-your-tax-bill.
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