Lisa Niser’s Post

#Day 18: Maximize Your 2024 Tax Return with Deductions 💸✨ 🌟 Hello LinkedIn Family! 🌟 Today, let’s talk about Tax Return Deductions for 2024 and how they can help you keep more money in your pocket. Knowing which deductions to claim can make a significant difference in your tax bill. Let’s explore! 💡 👉 What are Tax Deductions? Tax Deductions reduce your taxable income, meaning you pay less in taxes. By deducting certain expenses, you can lower your overall tax liability. Here are some key deductions to consider: 👉 Standard Deduction - For 2024, the standard deduction amounts are: - $14,600 for single filers - $29,200 for married couples filing jointly - $21,650 for heads of household - The standard deduction is a set amount you can deduct without itemizing expenses. 👉 Itemized Deductions If your deductible expenses exceed the standard deduction, itemizing may be the better option. Common itemized deductions include: 1. Mortgage Interest: Deduct interest paid on your home mortgage. 2. Charitable Contributions: Deduct donations to qualified charitable organizations. 3. Medical Expenses: Deduct unreimbursed medical expenses that exceed 7.5% of your adjusted gross income. 👉 Tax-Saving Tips 1. Keep Detailed Records 2. Understand Eligibility 3. Consult a Tax Professional 💡 Tip of the Day: Regularly review your finances and stay updated on tax law changes to make the most of available deductions. Claiming the right deductions can make a big impact on your tax return. Tomorrow, we’ll dive into the Alternative Minimum Tax (AMT). Stay tuned! 🚀 Follow for more Ujjwal Kalani #TaxDeductions #TaxSavings #FinancialLiteracy #21DayTaxChallenge #LinkedInFamily

January 1st, 2026 marks the sunset of the Tax Cuts and Jobs Act (TCJA) of 2017. While sunsets are typically beautiful, this one could bring tax headaches if you are not prepared. Why? Many of the provisions of the TCJA will expire unless congress reinstates them. What does this mean for you? ·        Individuals: Lower tax rates, a roughly doubled standard deduction, and more limited itemized deductions could all evaporate. ·        Business owners: The 20% QBI deduction for pass-through entities can also get the axe. One of the biggest potential impacts? The Estate Tax. The current exemption (up to $13.61 million for individuals and $27.22 million for married couples in 2024) could be slashed in half by 2026. This could subject many more estates to estate taxes. What can you do? Plan ahead if your estate might be affected. Potential strategies: ·        Transfer assets to family: Consider gifting to children or contributing to tax-advantaged college savings plans for grandchildren. Transferring income-producing assets to lower-bracket family members can also help lower your current tax liability. ·        Charitable giving: Reduce your taxable estate and enjoy current tax deductions by donating to worthy causes. ·        Explore trusts: Grantor Retained Annuity Trusts (GRATs) and Qualified Personal Resident Trusts (QPRTs) can offer estate reduction while still providing the grantor with income or use of the assets. Talk to your attorney about these options. Don’t wait for the TCJA sunset to cast a shadow on your finances. Start planning today.   Feel free to reach out to me with any questions. #TCJA

🔍 Understanding Tax Deductions: Itemized vs. Standard When it comes to filing your taxes, one of the key decisions you'll face is whether to take the standard deduction or to itemize your deductions. Let's break down the differences between the two: 📌 Standard Deduction: This is a fixed dollar amount that reduces your taxable income. It's available to all taxpayers and is based on your filing status. For the tax year 2023, the standard deduction for single filers is $13,850, for married filing jointly it's $27,700, and for heads of household it's $20,800. 📌 Itemized Deductions: These are specific expenses that you can deduct from your taxable income, such as medical expenses, mortgage interest, state and local taxes, and charitable contributions. To claim itemized deductions, you'll need to have qualifying expenses that exceed the standard deduction amount. 🔍 Which Option Is Better for You? Standard Deduction: Opting for the standard deduction is simpler and requires less documentation. It's often the better choice for taxpayers who don't have significant deductible expenses. Itemized Deductions: If you have substantial deductible expenses, such as high medical bills, mortgage interest, or charitable donations, itemizing could lower your taxable income more than the standard deduction would. 📊 Factors to Consider: Total Deductible Expenses: Calculate your potential itemized deductions to see if they exceed the standard deduction for your filing status. Documentation: Keep accurate records of your expenses to support your itemized deductions in case of an IRS audit. Tax Law Changes: Be aware of any recent tax law changes that could affect the deductibility of certain expenses. 💡 Key Takeaway: Choosing between the standard deduction and itemized deductions depends on your individual financial situation and the amount of deductible expenses you have. Take the time to evaluate both options to ensure you're maximizing your tax savings.

📈 **Maximizing Tax Savings: Standard vs. Itemized Deductions in 2024** Hey, LinkedIn Community! As we delve into 2024’s tax season, it's crucial to understand how to maximize your tax savings. One key area is deciding between the standard deduction and itemized deductions. For 2024, the standard deduction is set at $14,600 for single filers, $29,200 for those filing jointly, and $21,900 for heads of household. Additionally, those 65 or older may qualify for an extra deduction. While the standard deduction offers simplicity, it's important to explore if itemizing your deductions could save you more. Itemized deductions allow you to deduct specific expenses like mortgage interest, medical costs, and charitable donations. By comparing both options, you can determine which will most effectively reduce your taxable income. Given the complexity and changes in each tax year, this decision is crucial for optimal tax planning. 🔥 **Key Insight:** High net worth individuals and business owners—leveraging itemized deductions can often yield significant tax savings, especially if your deductible expenses exceed the standard deduction amount. Let's harness the knowledge and experiences of this professional community to discuss: 1. Have you found itemizing more beneficial than taking the standard deduction? 2. How do you strategize your deductions to maximize tax efficiency? 3. Any tips for business owners in managing their deductions? 📊 **Next Steps:** For personalized strategies, consider reaching out to Together CFO or scheduling a consultation call [here](https://lnkd.in/gEhBUk3S). Tailored advice can significantly optimize your tax outcomes. Engage with this post and share your thoughts or experiences below! Let's unlock the full potential of our tax savings together. #TaxSavings #TaxStrategy #FinancialPlanning #HighNetWorth #BusinessOwners #2024Taxes

Restricted Stock Units are taxed as earned income when they vest. This means Uncle Sam will get his cut. But I want to help you keep more of your money. Here are 4 simple strategies to minimize taxes on your RSUs... 🔖(save this post so you can refer back to it) 📌1. Max out 401k accounts (or Roth!) You can pack away up to $23k in your 401(k) for 2024 (+$7,500 if you're 50+). Not hitting the limit? You might increase your contribution to reduce your taxable income and offset some RSU taxes. Already maxing out your pre-tax 401(k)? Consider the backdoor or mega backdoor Roth strategy. Roth won't reduce tax today, but it can optimize your lifetime taxes. 📌2. Top off HSA If you're not maxing out your HSA ($4,150 single/ $8,300 family), consider increasing your contribution. This can significantly reduce your overall tax burden and help offset the taxes from your RSUs. Payroll deductions also reduce FICA tax! 📌3. Contribute to a Donor Advised Fund A DAF is a great option for charitable folks. It works best with appreciated stock, especially from vested RSUs with capital gains. You can contribute appreciated stock to the DAF, avoid capital gains tax, and get a tax deduction for the donation. Then, you can donate it over time to your favorite charities from the DAF. Even for RSU income at vesting, A DAF might be worth it, as you can receive a tax deduction for the contribution. 📌4. Get a tax projection Taxes on RSU income is generally withheld at 22% (37% over $1 million). Often, I find that people are in a higher effective tax bracket than their company withholds. Creating a big tax surprise. Tax projections for RSU income can help avoid tax surprises and help you proactively plan the other strategies above to minimize your overall tax bill. Sometimes tax awareness is just as powerful as tax planning. So there you have it! These simple strategies can help minimize your tax bill from RSU income. As always, don't let taxes become the primary driver of your financial decisions. Make sure your strategy is aligned with your goals first, then optimize for tax!

🏡 Selling Your Home After 30+ Years? Here’s How to Manage Capital Gains Taxes! 🏡 Are you a retiree considering selling your long-time home? While the emotional journey can be tough, understanding the financial aspects, especially capital gains taxes, is crucial. 📈 Unlock Strategies to Keep More of Your Equity: 1. Utilize the Primary Residence Exclusion to save up to $500,000. 2. Learn how Installment Sales can spread your tax liability. 3. Explore 1031 Exchanges for potential tax deferral. 4. Increase your home’s basis with documented Improvements. 5. Consider gifting or Charitable Remainder Trusts (CRT) for strategic tax benefits. 🔍 Dive into these tips and more! Make informed decisions and secure your financial future with confidence. Read the full blog here: https://lnkd.in/gMTqUF9b 👥 Share with someone who might benefit from these insights! #RealEstate #RetirementPlanning #FinancialAdvice #TaxPlanning #HomeSellingTips #CapitalGainsTax #JenniferMBHomes #sellingyourhome #sres

Now that tax season is over, you might be thinking about how to use your tax refund. Our Investment Advisor, Martin Hooke from Integris Financial Planning Services, has some great ideas to help you make the most of your tax return. 𝟏. 𝐏𝐚𝐲 𝐎𝐟𝐟 𝐃𝐞𝐛𝐭𝐬 Using your tax refund to pay off debts can save you money in the long run by avoiding extra interest charges. With interest rates on the rise, using your tax refund to reduce your debt is a smart move. 𝟐. 𝐈𝐧𝐯𝐞𝐬𝐭 𝐭𝐡𝐞 𝐌𝐨𝐧𝐞𝐲 You can make your tax refund grow by investing it. There are different long-term accounts you could consider, such as Retirement Savings (RRSP), Tax-Free Savings (TFSA), First-Home Savings (FHSA), or Educational Savings (RESP). Putting your tax refund into registered accounts can help you save on taxes, and our Financial Experts can provide guidance. 𝟑. 𝐆𝐢𝐯𝐞 𝐁𝐚𝐜𝐤 / 𝐃𝐨𝐧𝐚𝐭𝐞 Local charities play a crucial role in our communities, especially during challenging times. If you're able to use your tax refund to support a charity, you can help others while keeping your monthly budget on track. 𝟒. 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐋𝐨𝐜𝐚𝐥 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 Another option is to spend your tax refund at local businesses to give a boost to the local economy. This is a fun way to treat yourself while also contributing to your community. With these options in mind, what are your plans for your tax return? If you'd like to read more from Martin's newsletter, you can find the full article here: https://bit.ly/44w9Y1A

Itemized Deductions: Weighing the Pros and Cons ⚖️ Tax season is approaching, and many individuals are faced with the decision: standard deduction or itemized deductions? While the standard deduction offers simplicity, itemizing deductions can potentially lead to greater tax savings for those who qualify. Here's a breakdown of the benefits and drawbacks to help you decide: Benefits of Itemized Deductions: Potentially lower tax liability: If your total itemized deductions exceed the standard deduction, you'll pay less in taxes. Tax relief for specific expenses: Itemizing allows you to deduct various expenses, such as: Mortgage interest and property taxes: Homeowners can see significant benefits. Charitable donations: Generous donors can significantly reduce their taxable income. State and local taxes: May be relevant depending on your location and tax rates. Medical expenses: Can be deducted if they exceed a certain threshold of your adjusted gross income. Drawbacks of Itemized Deductions: Increased complexity: Requires gathering and keeping records of all deductible expenses, making it more time-consuming and potentially error-prone. Not always beneficial: If your total itemized deductions fall below the standard deduction, itemizing won't save you any money and might cost you more due to the extra effort involved. Limited applicability: Some deductions, like unreimbursed employee expenses, are no longer deductible after tax law changes. Ultimately, the decision to itemize depends on your individual circumstances. Consider consulting with a tax professional to assess your specific situation and determine which option offers the most favorable tax outcome for you. #TaxPlanning #ItemizedDeductions #StandardDeduction #TaxTips

💰 Attention high-income earners! 💼 Looking to optimize your tax situation and keep more of your hard-earned cash? Here are some savvy tax strategies to consider: 1. Maximize Tax-Advantaged Accounts: Pump up contributions to 401(k)s, traditional IRAs, HSAs, and 529 plans to slash your taxable income. 2. Roth IRA Conversions: Think about flipping your traditional IRA to a Roth for tax-free growth and withdrawals down the line. 3. Tweak Your Income: Explore options like deferring income or shifting ordinary income to capital gains to ease the tax load. 4. Charitable Giving: Give back while reducing your tax bill by taking advantage of charitable deductions. 5. Smart Investing: Keep taxes in check with tax-loss harvesting and smart asset allocation strategies. 6. Business Makeover: Consider restructuring your business to change how income is taxed. 7. Claim All Credits and Deductions: Don’t leave money on the table – make sure you’re snagging every tax credit and deduction you’re eligible for. By combining these tactics, you can tailor your tax strategy to fit your financial goals and keep more of your wealth in your pocket. 💸 And remember, it’s always a smart move to team up with a financial or tax expert to navigate the tax landscape effectively. Got questions or need advice? Reach out – I’m here to help! 🚀 #TaxTips #FinanceHacks #WealthManagement #FinancialPlanning 📈🔍#cpa #cpatips #stimulusconsultinggroup