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WebTaxMan
WebTaxMan, Tax Accountant
Category: Tax
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Experience:  20+ Years experience-CPAs & My Own Business/IRS Authorized e-file Provider/CA Tax Education Council
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do you have to pay income tax after the age of 65 years old

Customer Question

i was told by someone that even if you have a business you do not have to pay any income tax starting at the age of 65
Submitted: 9 years ago.
Category: Tax
Expert:  WebTaxMan replied 9 years ago.
hi lkwdkathey,

I don't know who told you that, but you know what they say about the two things we know for sure....death and taxes.

Consider social security. You are already taxed on that money before you ever get to see it, If your business was successful beyond the age of 65, you will not only be taxed on your business income, but also your social security income-that you already paid taxes on. Sorry for the bad news.

Should you require further clarification, please never hesitate to ask. It would be my pleasure to clarify the answer to your question. My goal is your 100% satisfaction with all questions I answer.

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Regards,

Mike

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