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Tax Planning

Tax Planning. Plan ahead. Define your goals. Gather information. Be aware of teacher-specific deductions. Review at year-end. Keeping Records. Hold records for four years: Bills Credit cards Receipts Retain stock, housing and business. or rental property records longer

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Tax Planning

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  1. Tax Planning • Plan ahead. • Define your goals. • Gather information. • Be aware of teacher-specific deductions. • Review at year-end.

  2. Keeping Records • Hold records for four years: • Bills • Credit cards • Receipts • Retain stock, housing and business. or rental property records longer • Keep all documents that may affect your general tax returns.

  3. Understanding Tax Laws • The more you know—the more you can possibly save. • Understand your rights as a taxpayer. • Working with a tax professional. • IRS resources.

  4. Goal of Tax Planning • Lower the amount of tax you payto the federal government

  5. How to Achieve that Goal • Reduce your income. • Increase your tax deductions. • Maximize your tax credits. • Increase your total withholding.

  6. Lowering Your Taxes • Minimize your current tax liabilities. • Consider your overall family tax burden. • Incorporate deduction planning strategies. • Use investment tax-planning strategies.

  7. Educator Expense Deductions • Out-of-pocket • Tuition/fees • Dependents • Timing • Filing status • Unreimbursed expenses

  8. Popular Tax Credits • Educationtax credits • Hope credit • Lifetime learning • Mortgage interest • Alimony • Child care • Retirement accounts • Student loan interest • Moving/relocation • Classroom expenses

  9. Filing Your Taxes • 1040EZ (shortest) • 1040A (short form) • 1040 (long form)

  10. Parting Words The hardest thing in the worldto understand is the income tax. — Albert Einstein

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