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?
If so, then now’s the time to read my new article titled Tax Tips: 2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family.
Here are three of the five family-related tax strategies you should act on before December 31.
Strategy #1: Put your children on your W-2 payroll. 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 are married 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 this full article.
Strategy #3: 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 this full article.