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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

End of Year Tax PlanningTaxes & the IRS

3

F

E

Foundation for Financial Education

www.f3eonline.org | info@f3eonline.org | 240-499-0390

3 types
3 Types
  • Turbo Tax
  • Tax Preparers
  • Tax Advisors
tax planning for estate
Tax Planning for Estate
  • Revocable Living Trust
  • Wills
  • Irrevocable Trust
  • Estate/Inheritance/State Death Tax
most common tax mistakes
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
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
filing status
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
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