Tax Planning for Individuals
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Tax Planning for Individuals
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Are you unsure where to start with your tax planning? Do these simple tips that individuals like you can follow.
You should max out your retirement plan. Remember that withdrawing funds from a retirement account can trigger additional taxes of up to 40% or more. Ensure you have confirmed your withholdings.
Consider purchasing property. Also, take note that Sale of Property can initiate capital gains tax and must be communicated to your tax preparer before selling.
Donate money to charity. Don’t forget to track your out-of-pocket medical and dental expenses. If you’re someone with a child or a dependent, be aware that Child Tax credit reverts to $2,000 per child. Since 2021, dependent care expenses are no longer refundable.
Philip L. Liberatore, CPA remains committed to providing you with important information that pertains to your success. Learn more here: https://www.liberatorecpa.com/