It’s coming up on a little thing we like to call busy, I mean, tax season. This particular time in the life of a tax professional is marked by, you guessed it, taxes. Which brings us to the point of our post today … are you thinking about your taxes?
It’s important to do more than just rush into your taxes, hoping for a refund. Rather, by strategically thinking about your taxes (both personally and professionally) and planning for them, you can make the most of this season and your finances.
But where to begin? Here are some of the basic things you may encounter on your taxes:
- Itemized v. standard deductions
- Individual income tax – this is different based on if you’re married filing jointly, filing single, etc.
- Child tax credit – can be used for children under the age of 17
- Charitable contribution deduction – remember these tips?
- Employee benefit plans and individual retirement plans
- Taxable Social Security benefits
- Education Credits and deductions
- Estate and trust income tax rates
Taxes can be complex, but by taking the time to understand what’s going on in your finances, you’ll be in a better place for tax season and for the future.
To learn more quick tax planning information, check out our 2015-16 Tax Planning Guide.