Sure, you can pay Uncle Sam more taxes than you have to.
But why?
You see, if you know how to take advantage of all that the law allows, you can save a bundle.
Let me be specific. After you read this article, take my advice and act by December 31. When you do, you can get five year-end family-related tax breaks that can leave more money in your pocket.
- Are you getting married or divorced?
- Do you have children who did or could work for you?
- Do you give money to relatives and friends?
Then now’s the time to read my new article titled Tax Tips: 2019 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family.
Five family-related tax strategies
you should act on before December 31.
Strategy #1: Put your children on your payroll. Do you operate your business as a proprietorship or partnership? Did your children under age 18 help you in your business this year? Then you should pay them for their work and pay them on a W-2. There are three terrific reasons to do so which we’ll explain in detail when you read the full article.
Strategy #2: If you’re getting divorced, put it off until December 31. The law considers you to be married for the entire year if you get hitched on December 31. In most cases a joint return will work to your advantage. Which means it may be better to wait until next year to finalize your divorce. You’ll get a lot more information when you read the full article.
Strategy #3: Stay single to increase your mortgage deductions. Two single people can deduct more mortgage interest than a married couple. If you own a home with someone other than your spouse, and you bought it on or before December 15, 2017, you can individually deduct mortgage interest up to $1 million of a qualifying mortgage. You’ll get the the whole story when you read the full article.
Strategy #4: Get married on or before December 31. If you’re married on December 31, the law considers you to be married for the entire year. If you’re thinking of getting married in 2020, you might want to rethink that plan. The IRS could make big savings available to you if you get married on or before December 31, 2019. You’ll get full information when you read the full article.
Strategy #5: Make use of the 0% tax bracket. Do you give money to your parents or other loved ones in order to make their lives more comfortable? Are your loved ones in the 0% capital-gains tax bracket? If they are, you can get an extra bang for your buck by giving them appreciated stock rather than cash. You’ll learn how to put the tax law to work for you when you read the full article.