1 / 14

End of Year Tax Planning Taxes & the IRS

End of Year Tax Planning Taxes & the IRS. 3. F. E. Foundation for Financial Education. www.f3eonline.org | info @f3eonline.org | 240-499-0390. 3 Types. Turbo Tax Tax Preparers Tax Advisors. NOTES. TAX TABLE. NOTES. Tax Planning for Estate. Revocable Living Trust Wills

carl
Télécharger la présentation

End of Year Tax Planning Taxes & the IRS

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. End of Year Tax PlanningTaxes & the IRS 3 F E Foundation for Financial Education www.f3eonline.org | info@f3eonline.org | 240-499-0390

  2. 3 Types • Turbo Tax • Tax Preparers • Tax Advisors

  3. NOTES

  4. TAX TABLE

  5. NOTES

  6. Tax Planning for Estate • Revocable Living Trust • Wills • Irrevocable Trust • Estate/Inheritance/State Death Tax

  7. NOTES

  8. Most Common Tax Mistakes • Social Security Number • 1099/W-2 Matching • Not Reporting All Income • Too Aggressive with Deductions • Not Filing Timely Return • Tracking Basis • Claiming All Dependents

  9. NOTES

  10. Itemized Deductions • Typical Deductible Expenses • Mortgage Interest • Property Taxes • Charitable Contributions/Donations • State and Local Income Taxes vs. Deductible Sales Tax • Vehicle Registration • Medical Expenses (Over 7.5% of AGI) • Tax Preparation Expense • Other Miscellaneous Deductions • Gambling Losses

  11. NOTES

  12. Filing Status • 5 Types • Single • Married filing Joint • Married filing Separate • Head of Household (Be careful!) • Qualifying Widower with Dependent Child • Marital Status Determined on last day of year • Married Filing Separate-If one spouse itemizes then the other MUST also itemize.

  13. NOTES

  14. If you are ready to act….. • You are entitled to a Complimentary Consultation • What you will get: • A Review of • Your Financial Profile • Your Tax Efficiency • Your Tax Planning Options • Recommendations for Action

More Related