Defending Yourself From the Tax Torpedo

Strategic tax planning may help retirees avoid costly income-based tax traps. Steve Heap/ShutterstockMost Americans have a sense of what their taxes would look like for the year. They know their income, their tax bracket, and the current value of their investments.But the tax system can become very complex for high-income earners and even those with modest income. And it can become even more complicated for retirees who are drawing down their retirement funds to support them through the Golden Years.