Perkins & Co’s Post

https://lnkd.in/gGztp6dZ Planning this next year will be important as there are significant changes coming if Congress doesn't change the law. This article highlights provisions that could be impacted for sunset and new proposals including the individual tax bracket compression, 20% deduction for pass-through income, planning for IRAs, charity, and the estate and gift exemption.

📹 New Video: Tax Credits vs. Tax Deductions: What's the Difference? Hello, Tiffany here from Washington & Co. Let's clarify the difference between tax credits and tax deductions. 🔍 Key Points: Tax Deductions: Reduce your taxable income. For example, $5,000 in deductions on a $50,000 income lowers it to $45,000. Tax Credits: Directly reduce your tax liability. Owing $5,000 in taxes with $1,000 in credits lowers your bill to $4,000. Credits often provide a more significant benefit than deductions. Need help identifying deductions and credits you qualify for? Reach out to Washington & Co. 📞 Book an appointment - https://hubs.li/Q02GtwgH0 or call (301) 396-4223. #TaxCredits #TaxDeductions #TaxPlanning #WashingtonAndCo #TaxTips #FinancialHealth #TaxSavings

What are estate and gift taxes and how do they apply to your annual tax return? Learn all about the annual gift tax exclusion, the lifetime gift tax exemption and the estate tax exemption. https://lnkd.in/gtyKCNNS #Estate #EstateTax #EstatePlanning #GiftTax #Finance #FinancialPlanning #Taxes #TaxPlanning #CarsonGroup

A significant reduction of the Federal Unified Gift and Estate Tax Exemption is scheduled to take effect on 1/1/26. 🔹 Why think about this now? 🔹 It takes time to discuss options, agree on a strategy and, more importantly, to implement the actions to take advantage of the current Federal Unified Gift and Estate Tax exemptions before the exemptions are significantly decreased. The attached graphic shows an overview of WCN’s recommended process and timeline. Download our PDF to learn more: https://bit.ly/4b6FhTZ

When filing your tax return, a filing status must be chosen. This is used to determine your standard deduction, rates and eligibility for certain tax breaks. If you’re married, should you file jointly or separately? It depends on your situation. You should generally use the status that results in the lowest tax. But remember: If you file jointly, each spouse is “jointly and severally” liable for tax on your combined income (as well as any other tax, interest and most penalties the IRS assesses). So the IRS can come after either of you for the full amount. In most cases, joint filing saves more tax, but some people save by filing separately. We’ll weigh the options when preparing your return.https://bit.ly/34FoZ12

When filing your tax return, a filing status must be chosen. This is used to determine your standard deduction, rates and eligibility for certain tax breaks. If you’re married, should you file jointly or separately? It depends on your situation. You should generally use the status that results in the lowest tax. But remember: If you file jointly, each spouse is “jointly and severally” liable for tax on your combined income (as well as any other tax, interest and most penalties the IRS assesses). So the IRS can come after either of you for the full amount. In most cases, joint filing saves more tax, but some people save by filing separately. We’ll weigh the options when preparing your return. https://bit.ly/4bxb4xq

When filing your tax return, a filing status must be chosen. This is used to determine your standard deduction, rates and eligibility for certain tax breaks. If you’re married, should you file jointly or separately? It depends on your situation. You should generally use the status that results in the lowest tax. But remember: If you file jointly, each spouse is “jointly and severally” liable for tax on your combined income (as well as any other tax, interest and most penalties the IRS assesses). So the IRS can come after either of you for the full amount. In most cases, joint filing saves more tax, but some people save by filing separately. We’ll weigh the options when preparing your return. https://bit.ly/4bxb4xq

When filing your tax return, a filing status must be chosen. This is used to determine your standard deduction, rates and eligibility for certain tax breaks. If you’re married, should you file jointly or separately? It depends on your situation. You should generally use the status that results in the lowest tax. But remember: If you file jointly, each spouse is “jointly and severally” liable for tax on your combined income (as well as any other tax, interest and most penalties the IRS assesses). So the IRS can come after either of you for the full amount. In most cases, joint filing saves more tax, but some people save by filing separately. We’ll weigh the options when preparing your return. https://bit.ly/49nSOow

📹 New Video: Tax Credits vs. Tax Deductions: What's the Difference? Hello, Tiffany here from Washington & Co. Let's clarify the difference between tax credits and tax deductions. 🔍 Key Points: Tax Deductions: Reduce your taxable income. For example, $5,000 in deductions on a $50,000 income lowers it to $45,000. Tax Credits: Directly reduce your tax liability. Owing $5,000 in taxes with $1,000 in credits lowers your bill to $4,000. Credits often provide a more significant benefit than deductions. Need help identifying deductions and credits you qualify for? Reach out to Washington & Co. 📞 Book an appointment - https://hubs.li/Q02Gtxg40 or call (301) 396-4223. #TaxCredits #TaxDeductions #TaxPlanning #WashingtonAndCo #TaxTips #FinancialHealth #TaxSavings

When filing your tax return, a filing status must be chosen. This is used to determine your standard deduction, rates and eligibility for certain tax breaks. If you’re married, should you file jointly or separately? It depends on your situation. You should generally use the status that results in the lowest tax. But remember: If you file jointly, each spouse is “jointly and severally” liable for tax on your combined income (as well as any other tax, interest and most penalties the IRS assesses). So the IRS can come after either of you for the full amount. In most cases, joint filing saves more tax, but some people save by filing separately. We’ll weigh the options when preparing your return. https://bit.ly/4bxb4xq