April 15, 2019

Anil Vazirani reports tax strategies and tax credits available

https://retirementplanningscottsdale.com/2019/04/15/anil-vazirani-reports-tax-strategies-and-tax-credits-available/ Anil Vazirani reports tax strategies and tax credits available per an article by andrew Shilling on March 12 in Financial Planning.com. For those that haven’t filed yet, options are still available to maximize the amount they’ll receive as a refund from the IRS.

Examples:
Seniors will face a 20% penalty on top of income taxes if they withdraw funds from an HSA for non-medical expenses before the age of 65;

Taxpayers can claim a medical expense tax deduction on their 2018 returns only for the portion of the aggregate cost that exceeds 7.5% of their adjusted gross income;

Not all property investors can claim the 20% qualified business income tax deduction for their rental income;

Seniors who want to maximize their savings at tax time should take advantage of the bigger standard deduction under the new law, according to this article on Motley Fool. These clients should also make the most of the higher tax filing threshold and catch-up contributions to save more on taxes. The tax credit for the elderly or disabled is a tax break that also proves valuable for older people.

Read more: https://www.financial-planning.com/news/tax-refunds-are-up-from-last-year-tax-strategy-scan