Tax Planning Season is Now

Tax Planning Season is Now

Take multiple years of last minute tax law changes, add major sections of the tax code that expire each year only to be extended, and mix in major pre-formulated tax code changes. All this adds up to lots of potential for tax savings, but only if you plan accordingly. This is especially true in the following cases.

Check mark You have a child entering college. There are so many different college tax breaks, it is hard to determine which ones might make the most sense for your situation. This includes the American Opportunity Tax Credit, the Lifetime Learning Credit, Tuition and Fees Deduction, Coverdell Plans, 529 Plans, and student loan interest deductibility.
Check mark You wish to explore charitable giving strategies. Consider donating appreciated stock instead of cash. If you are over the age of 70 consider donating directly from a qualified retirement account instead of using after-tax savings.
Tablet, spreadsheet, calculator, and coffee
Check mark Review the now permanent tax provisions. Late 2015 legislation made many popular tax breaks permanent. Do you know what they are and how they may impact you this year? These include an educator $250 expense deduction, sales tax as an itemized deduction alternative, expanded American Opportunity Tax Credit, and an expanded Earned Income Tax Credit.
Check mark Other changes may require a look. In addition to the tax provisions above, certain events may dictate a need for a quick tax review. Key among them are:

Check Getting married
Check Recently divorced
Check Birth or death in the family
Check Age triggering events (like retirement)
Check Kids entering or leaving school
Check Moving to a new state
Check Major purchase or sale of key assets including your home
Check Large refund or tax bill last year

Please call if you wish a review of your tax situation.

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Bayside Accounting Services

5503 Muddy Creek Road, Suite 3
Churchton, MD 20733


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