Tax season is just around the corner and most of us can attest that preparation can be confusing and stressful. One stress reliever is knowing your 1099 will be coming to you this year on a scheduled fashion. Additionally, we have provided some information when it comes to itemized deductions, which may be more beneficial than you think.
Most people assume that itemized deductions are only for the uber rich but think again! Deductions are available to all taxpayers. Deductions can beuseful when filing your taxes because it lowers your taxable income, thus reducing the amount of tax you owe to the federal government. State and Local tax deduction also known as SALT deduction allows taxpayers to deduct state and local tax payments on their federal tax returns. SALT deductions include property taxes, income, and sales taxes.
There are multiple itemized deductions that may be useful for you when filing taxes. To get started we have put together some educational resources to help you learn more about SALT deductions, Charitable Donations, and a tax season guide.
One common deduction that will not only benefit you, but others, is Charitable Donations. One assured way to maximize your gifting is to make a non-cash donation such as stocks or mutual funds. This allows you to avoid paying taxes on the unrealized gain of the donated property while maximizing your donation. If you have the option of reducing your taxable estate, giving a charitable gift (or gifts) may be the right choice for you. Click the links below to learn more about charitable donations and different strategies that may work for you.
Year-End Charitable Gifting and You
This article may help you maximize the benefits of your donation for your chosen charity.
Below you will find a tax season guide to help prepare for your 2019 taxes, and begin planning for 2020. The link includes tax planning resources, deadlines, FAQs, and relevant tax tables.
If you have any questions or concerns when it comes to your taxes or financial planning, please contact us at your earliest convenience so we can schedule some time together.
This Information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.