Anthony Bardi photo

Anthony J. Bardi

Registered Representative

Enrolled Agent, LTC# 454

 

Tax and Financial Solutions, Inc.

151 SE 223rd Avenue

Gresham, OR 97030

 

Phone:  503-666-7909

January/February 2020

The Hunt for Tax Breaks

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.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Tax and Financial Solutions, Inc. and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
Avantax affiliated advisors may only conduct business with residents of the states for which they are properly licensed and registered. Securities offered through Avantax Investment Services, Member FINRA, SIPC, Investment advisory services offered through Avantax Advisory Services, Insurance services offered through an Avantax affiliated insurance agency. Not all products and services are offered by all financial professionals. Products and services listed may only be offered by properly licensed individuals.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.