![]() ![]() ![]() Another option is to put money into a donor-advised fund that enables donors to make a charitable contribution and receive an immediate tax deduction. Bunching charitable deductions every other year is also a good strategy if it enables the taxpayer to get over the higher standard deduction threshold under the Tax Cuts and Jobs Act of 2017 (TCJA). ![]() Please call the office if you have any questions about this.Ĭharitable deductions. Therefore, any taxes owed on a contractual bonus would not be due until you file your 2022 tax return in 2023. If you anticipate an increase in taxable income in 2021, and are expecting a bonus at year-end, try to get it before December 31.Ĭontractual bonuses are different in that they are typically not paid out until the first quarter of the following year. For more on this, see Investment Gains and Losses, below. Selling any investments on which you have a gain (or loss) this year. For example, taxpayers might consider using one or more of the following strategies: General tax planning strategies for individuals include accelerating or deferring income and deductions, as well as careful consideration of timing-related tax planning strategies with regard to investments, charitable gifts, and retirement planning. With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2021. Marginal and Effective Tax Rates Calculator. ![]()
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