Arazon Financial Group, LLC’s Post

It is crucial for individuals to engage in strategic tax planning with their financial professionals, particularly considering the changes to the standard deduction and tax brackets for the year 2024. These modifications, affecting filers who do not itemize their deductions, will only be reflected in the tax returns filed in early 2025. Read on: https://hubs.li/Q02cGwL80

It is crucial for individuals to engage in strategic tax planning with their financial professionals, particularly considering the changes to the standard deduction and tax brackets for the year 2024. These modifications, affecting filers who do not itemize their deductions, will only be reflected in the tax returns filed in early 2025. Read on: https://hubs.la/Q02dSKKh0

It is crucial for individuals to engage in strategic tax planning with their financial professionals, particularly considering the changes to the standard deduction and tax brackets for the year 2024. These modifications, affecting filers who do not itemize their deductions, will only be reflected in the tax returns filed in early 2025. Learn more: https://hubs.la/Q02bmxG60

It is crucial for individuals to engage in strategic tax planning with their financial professionals, particularly considering the changes to the standard deduction and tax brackets for the year 2024. These modifications, affecting filers who do not itemize their deductions, will only be reflected in the tax returns filed in early 2025.Click below to learn more. https://hubs.la/Q02dlNnY0

Here are some key tax planning and tax strategy concepts to understand before you make your next money move. 1. Understand your tax bracket 2. Learn how tax credits and deductions work 3. Decide between the standard deduction and itemizing 4. Take advantage of popular tax credits and deductions 5. Keep good records 6. Tweak your W-4 if you need to 7. Leverage tax-advantaged accounts

With tax season is full swing, we thought it would be helpful this taxpayer's guide. This is a helpful resource that breaks down exemptions, deductions, and credits and how they could impact your tax return. https://hubs.li/Q02g-2Ts0 #TaxSeason #TaxPlanning #TaxHelp

8 of the largest tax breaks explained! And I am in favor of all of them. Except #8 (qualified business interest deduction), although it would take quite a bit of space to explain my view. #taxes #taxcredits #IRS #UStreasury https://lnkd.in/geD3KRdU

If you make estimated tax payments, be aware that April 15 isn’t just the 2023 tax filing deadline. It’s also the deadline for the first estimated tax payment for 2024. Estimated tax payments are generally made by self-employed people, retirees, investors, businesses and others that don’t have taxes withheld from their income. The payments are also made by employees who don’t withhold enough tax to pay what’s due. Taxpayers who don’t make estimated payments (or don’t make sufficient payments) may be subject to failure-to-pay penalties. Exceptions apply to certain taxpayers. The second estimated payment for 2024 will be due June 15. For more information: https://bit.ly/4aFuJuc. Contact us with questions: https://bit.ly/3jcyo8o #tax #taxes #taxpayer #taxreturn #taxfiling #estimatedtaxpayment #taxdeadline #cg #cgtaxauditadvisory

Now that it is the height of tax filing season, we as individuals will realize the true effect of taxes on our income. The difference between the new tax and old tax regime will not be significant for those falling in the 30% tax slab. But for those of us in the lower bracket, old tax regime may be more appropriate. Again, for taking deductions, we may have to make upfront expenses, such as under Section 80D, 80E, 80G etc. Personally, I advocate for a presumptive taxation-like scheme for salaried individuals. Imagine paying a flat tax rate, say 25%, rather than navigating complex tax slabs. This approach simplifies understanding and planning, offering clarity on financial outflows. #financialplanning #taxplanning #returnfiling

Some things are so unexpected that no one is prepared for them - apart from the Tax Year End on 5 April! Stuart Walker, Chartered Financial Planner, discusses the importance of making sure you use the valuable tax allowances that are available each tax year: https://bit.ly/3UYwxcV #TaxYearEnd #CharteredAccountants