November 22, 2020

Tax Filing 2021

Tax Filing 2021 so the tax reform that was you know that's in effect now was the biggest change of the tax code in the last 30 years and it impacts, every single tax filer first and foremost there was a change to the brackets, and a lowering of the rates in general across the board so everybody is getting slightly lower rates now there's a, few other things there was the elimination of the personal exemptions that you'd be able to claim for yourself and your kids and then that was offset by an increase in the standard, deduction so those are some. Of the really big moving parts and pieces then there was this major expansion of the child tax credit so up to $2,000 per child with all of that what we're. Seeing is that more people will be able to just claim the standard deduction and people with kids are now finding that their. Children are worth more on their taxes from my. Perspective it's always worth it to be somebody taxes but that said whenever you're going through a significant life change that's the time when you. Want to consider getting help with your taxes so if it's the first time you're filing maybe your parents, have always filed their taxes before well you want to work with a professional and get that objective advice and get educated on what, are the things that you need to know then whenever you have a big change like buying a house getting, married having a baby those kinds of things really have a lot of tax implications and you don't want to miss out, so that's a great time to get help for lowering, your taxable income you still have one more thing that you can do before April 15th and that's contribute to an IRA and that's a really cool thing because up to 5500 if. You're under 50 up to 6500 over 50 and that's taking that money off the top so it's.

Lowering your taxable income and you're saving for retirement which is a really good thing to do so some of the, most common tax deductions are dependent on where you are in your life so. If you have.

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