4 IRS Tax Tips for Retirees

4 IRS Tax Tips for Retirees

Once you are retired, paying taxes can become a major burden. All you want to pay is the minimum required. Both new and old retirees can make some good tax savings by being aware of IRS federal and state tax laws. So, let’s see how you can make your tax bills as low as possible. Take Your RMDs If you have an employer-sponsored retirement plan and you have hit the age of 70 years and 6 months, start making annual withdrawals from your account. These are known as required minimum…