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Learn How to Avoid These 6 Common Tax Errors

Knowing how you need to file your taxes depends on your income and filing status, as well as which deductions and credits you can claim. In this free ebook, we share some common errors to avoid.

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July 08, 2019

Summer is an excellent time to do an assessment of your tax plan for the current year.  Last year many people were thrown by the new tax laws implemented in the Tax Cuts and Jobs Act of 2017 (TCJA).  Starting back in February, withholding tables were adjusted to reflect the lower tax brackets, and taxpayers had access to the savings immediately.  However, by the time the tax returns were actually filed some people realized those savings were but an illusion as their refunds were reduced (or they owed the government money!)

Before you are surprised by the results of your 2019 Federal Tax Return, why not spend some time during the summer months to do an assessment of where you stand for the year?  Here is a list of some items where we can help determine if adjustments should be made:

  • Will I be itemizing our deductions in 2019 or taking the standard deduction?  How will this decision affect my tax strategies?
  • Am I having the correct amount withheld from my paycheck/pension check?  If I am self employed or have investment income are my estimated taxes accurate?
  • Can I still deduct my charitable contributions?  If not, how what strategies can I implement to reduce my taxes based on my charitable contributions?
  • What about the interest on my mortgage and home equity loans?  Are they still deductible?  What should be my strategies around my debt as it relates to my tax status? 
  • If I own a business that is taxed on a pass-through basis, such as a sole-proprietor, S-Corporation, LLC or LLP, how can I maximize the benefits of the new Qualified Business Income Deduction under Section 199A?
  • What about the dreaded Alternative Minimum Tax (AMT)?  Do I still need to plan for the AMT?

Now is the time to learn the answers to the above questions.  Call us for a review or speak with your tax advisor today.  Don't wait until it is time to file your taxes, when it may be too late to change the answer!