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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

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End of Year Tax Planning Taxes & the IRS

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  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

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