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Dice Financial Services Group
1716 N. Sanborn Blvd, PO Box 790
Mitchell, SD 57301
Phone: 605-996-7171
Toll Free: 800-658-3603
Website: www.dicefinancial.com
January/February 2020
The Hunt for Tax Breaks
The New Year is a time when many Americans start searching for receipts and bank statements as we prepare to pay last year’s taxes. Consider looking in the following places to find tax breaks:
Big Changes
If you were married last year or became a new parent, you’ll find increased deductions and potentially new credits. If you don’t itemize on your tax return, the standard deduction for joint filers in 2019 is $24,400; it’s half that for a single tax filer.You can also find tax credits if you care for an elderly person declared as a dependent or pay for child care if you qualify by income. Tax credits are more valuable than deductions because they reduce your taxes, not your taxable income.
For Itemizers
If you itemize on your tax return, you can deduct real estate and local income taxes, up to certain limits. You might also deduct donations to qualified charities and home office expenses.Don’t forget that you have until the 2019 tax-filing deadline to contribute to a traditional IRA, which may reduce your taxable income.
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Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Insurance Services offered through Dice Financial Services Group.
Dice Financial Services Group and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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