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As we approach year end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations.
For 2021, you must take a distribution if you are age 72 by the end of the year (or age 701⁄2 if you reach that age before Jan. 1, 2020). Planning ahead to determine the tax consequences of RMDs is important, especially for those who are in their first year of RMDs.
6 gru 2021 · There are many potential tax savings opportunities to consider when planning for the end of the year, keeping in mind pandemic benefits and the upcoming tax law changes. Consult your Marcum tax advisor for assistance in determining which opportunities best meet your unique facts and circumstances.
2023 Year-End Tax Planning Guide for Individuals. Laura H. Yalanis. CPA, MST. Director, KLR Tax Services Group. Contents. Year in Review. 2023 has shown some economic improvements for many individuals and families. Inflation has slowed, and rising interest rates haven’t had as much of a negative impact on the economy as some predicted.
1 lis 2021 · For 2021, the standard deduction amounts are: $12,550 (single); $18,800 (head of household); $25,100 (married filing jointly); and $12,550 (married filing separately). An additional standard deduction amount of $1,350 applies for taxpayers who are 65 or older or blind.
15 lis 2021 · This year, RMDs must be taken by taxpayers who are at least 72 years old by December 31, 2021, unless the taxpayer celebrated their 72 nd birthday this year, then they can defer payment until April 1, 2022.
The adjusted gross income limit for cash donations is 100% for 2021; it’s scheduled to return to 60% for 2022. That means you could offset all of your taxable income with charitable contributions this year. (Donations to donor advised funds and private foundations don’t qualify, though.)
