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Tax Tips for Filing in 2021

Tax Tips for Filing in 2021

Posted By Lineweaver Financial Group
March 13, 2021 Category: General, Economy, Tax Planning

  As we get into tax season, filing for 2020 is fundamentally different from most tax years, especially in light of Covid and the stimulus packages passed last year. We thought it would be helpful to share a few general tax tips to keep in mind as you’re working with your tax advisor. The first thing to consider is the tax stimulus credits. The EIP (Economic Impact Payment, aka stimulus check) is actually a 2020 tax credit that was advanced to taxpayers as part of the Cares Act. Certain qualifications, such as income levels and dependency status, impact the amount the taxpayer may receive. The first round allowed for a maximum of $1200 per qualifying adult and $500 per qualifying dependent child (age 16 and under). The second round allowed for $600 per adult and $600 for dependents 16 and under. Another consideration during 2020 tax preparation is the group of taxpayers caught in in-between – taxpayers age 17 and over, usually high school and college children still claimed as dependents by their parent. When filing 2020 tax returns, parents and their dependents need to consider whether it makes sense to still claim the dependent child. Parents may phase out of education tax credits, the child may have graduated during the tax year but still eligible to be claimed, or perhaps 529 plan money was used to pay college expenses. In those cases it may be better for the child to claim themselves to take advantage of the education credits and quali

Is Your Tax Plan Working for You?

Is Your Tax Plan Working for You

Posted By Lineweaver Financial Group
February 12, 2020 Category: General, Tax, Tax Planning, Tax Strategies

It’s that time of year again - tax season is upon us, and we want to remind everyone of some strategies you may be able to take advantage of on your 2019 tax return.  A strategy that many find helpful is bunching deductions, which is essentially accelerating your write offs into one year to try to get above the standard deduction. Last year was the first time for all of us filing under the Tax Cuts and Jobs Act of 2017, which doubled the standard the previous standard deduction from tax year 2016. But this year the only change is a slightly increased standard deduction over last year - $24,400 for Married Filing Jointly, and 12,200 if you’re single.  By bunching charitable gifts, medical expenses, or even your state and local taxes into one year, you may be able to realize significant savings. However, just keep in mind real estate and state and local taxes are still capped at $10,000.  Many people also take advantage of gifting appreciated securities. For example, even if you only paid $10,000 for a security, but it’s now valued at $20,000, you can write off the whole $20,000. This allows you to help both your favorite charity, and your bottom line.  Another often overlooked strategy is what’s known as a Backdoor Roth. This is a way for people with high incomes to sidestep the Roth’s income limits. Basically, you fund a traditional IRA and then convert it. This can benefit you because it allows your money to grow tax

Foresight is 2020: Year-End Tax Planning and Beyond

Foresight is 2020: Year End Tax Planning and Beyond

Posted By Lineweaver Financial Group
December 27, 2019 Category: Tax Planning, End Of Year Taxes, Taxes

It can be challenging to think through all the tax planning you need to do by the end of the year. There’s a lot to consider, and although it may seem early to think about taxes, now is the perfect time to make changes for tax filing after the new year. I always tell my clients, call me well before the new year, so we have time to plan ahead. After the new year, there’s nothing you can do about last year’s taxes.   One of the strategies our clients find most helpful are bunching deductions. Essentially, that means accelerating your write-offs into one year to try to get above the standard deduction. That was a challenge for many people last year since it was the first time for all of us filing under the Tax Cuts and Jobs Act of 2017, but this year the only change is a slightly increased standard deduction over last year - $24,400 for Married Filing Jointly, and $12,200 if you’re single. And, by bunching charitable gifts, medical expenses, or even your state and local taxes into one year, you may be able to realize significant savings. Just keep in mind real estate and state and local taxes are still capped at $10,000.   Another useful strategy is what’s call the Backdoor Roth. Essentially, this is a way for people with high incomes to sidestep the Roth’s income limits. Basically, you fund a traditional IRA and then convert it. That’s good news because it then allows your money to grow tax-free. But, it can be complicat

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