Tax Planning and Common Mistakes Guide
"Explore tax planning strategies, common tax mistakes to avoid, itemized deductions, filing status options, and receive a complimentary consultation for a review of your financial profile and tax planning options."
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Presentation Transcript
Taxes & the IRS F3EFoundation for Financial Education www.f3eonline.org | sharon@f3eonline.org | 240-499-0390
3 Types Turbo Tax Tax Preparers Tax Advisors
Tax Planning for Estate Revocable Living Trust Wills Irrevocable Trust Estate/Inheritance/State Death Tax
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
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 View Image
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.
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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