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Pittsburg, Kansas | For wage earners, the standard mantra is that income will be down in retirement years so the income tax bracket will be lower and a better time to take the income.
I'm not sure that idea always works out for a farmer that has had a successful operation. If a person's income actually goes up in retirement, it might not work out as planned. When I was actively farming, expansion and expenses usually meant there were areas I could shield some income. Plus different structured buisness entitys to spread income out to several tax returns. Now the income from rental or other income is mostly just personal income. I have not seen the advantage of lower tax brackets. | |
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Retiring ,looking for ways to Minimize Income Tax's
