By ISHAAN ANAND
With 2021 in the rearview mirror, there’s no better time to start thinking about the documents you’ll need to prepare your tax return. It can be a lot to keep track of, so we’ve provided a handy checklist of documents to keep an eye out for or to start collecting over the next couple of weeks, as the 2022 tax filing season officially kicks off on January 24th.
By AL MUELLER, CPA
On the twelfth day of Taxmas, my accountant gave to me a tip to contribute to an HSA if I have a high deductible health plan. A Health Savings Account (HSA) is a tax-advantaged savings account created for people who get insurance coverage through high-deductible health plans.
By KLATZKIN TAX TEAM
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden rings, we’re focused on providing tips through “The Twelve Days of Taxmas” blog series that could help minimize your tax liability. On the eleventh day of Taxmas, Klatzkin gave to me the […]
By Klatzkin Tax Team
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden rings, we’re focused on providing tips through “The Twelve Days of Taxmas” blog series that could help minimize your tax liability. On the tenth day of Taxmas, Klatzkin gave to me a […]
By Klatzkin Tax Team
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden rings, we’re focused on providing tips through “The Twelve Days of Taxmas” blog series that could help minimize your tax liability. On the ninth day of Taxmas, my accountant gave to me […]
By ISHAAN ANAND
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden rings, we’re focused on providing tips through “The Twelve Days of Taxmas” blog series that could help minimize your tax liability. On the eighth day of Taxmas, my accountant reminded me to […]
On the seventh day of Taxmas, my accountant gave to me an annual reminder to review beneficiary designations for retirement accounts, annuities, and life insurance contracts.
By KLATZKIN TAX TEAM
On the sixth day of Taxmas, my accountant gave to me information for the Child Tax Credit (CTC). The CTC is fully refundable in 2021 and is $3,000 for children over six years old and $3,600 for children under six years old. However, these amounts are reduced for any advances received from July 2021 through December 2021.
By AL MUELLER, CPA
On the fifth day of Taxmas, my accountant gave to me a tip to donate stock and repurchase it. Charitable giving has intrinsic rewards and immediate (and future) tax benefits. You can maximize your charitable giving deduction by donating appreciated securities instead of cash.
By KLATZKIN TAX TEAM
On the fourth day of Taxmas, my accountant gave to me a reminder that Required Minimum Distributions (RMDs) are required in 2021 for anyone who has reached age 72 during the year or reached 70 ½ before 2020. In 2020, RMDs were not required due to the COVID-19 pandemic.
