Retired? Here’s how to cut your tax bill

Source: Mark Koba, CNBC.com

As many seniors learn, retirement can be as stressful and as frustrating a time as any when it comes to paying taxes With 401(k)s, traditional and Roth IRAs, as well as Social Security benefits and working wages, there's plenty to calculate on a tax return. So, how can the retirement crowd cut down on their tax bills? Analysts say it starts with managing your money. "Retirees usually have a bit more control over their tax situation than other taxpayers," says Steven Gershon, a director at the Kansas City, Kansas, office of the accounting and financial service firm, CBIZ MHM. "That's because they can decide how much they might need to withdraw from their retirement plans to keep their taxes low."

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