In April, the Social Security Administration begins increasing monthly benefit payments to more than 3.2 million people affected by the repeal of the Windfall Elimination Provision and Government Pension Offset. "The impact could be huge," said George Pikounis, financial advisor at Burns Estate Planning in Tallahassee, Florida, in an email.

Tax season usually brings a refund check for most workers, but if you're retired, you could wind up owing the IRS.

The IRS uses what's called "provisional income" to determine how much of your Social Security benefits are taxable. Your provisional income is calculated using the following formula: Provisional income = Adjusted gross income (AGI) + tax-exempt interest + 50% of your Social Security benefits