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Essential Federal Tax Tips to for Individuals
ARTICLE | September 10, 2024
Authored by Vasquez + Company
This article, "Federal Tax Tips for Individuals," provides essential information for taxpayers looking to maximize their savings and avoid penalties. It covers key tax considerations for IRA withdrawals, the importance of documenting charitable donations, and reminders for filing extended tax returns. Additionally, it highlights potential credits for dependent care costs and suggests strategies for lowering tax bills in the upcoming year.
Key Points
- IRA Withdrawals: Understanding the penalties and exceptions for early withdrawals from traditional IRAs.
- Documenting Donations: Guidelines for ensuring proper documentation of charitable donations for tax deductions.
- Filing Deadlines: Important reminders for individuals with extended tax returns and potential payment plans.
- Dependent Care Credit: Eligibility and benefits of claiming the Child and Dependent Care Credit.
- Lowering Future Tax Bills: Exploring options for charitable contributions directly from IRAs to reduce taxable income.
By staying informed and proactive, individuals can navigate the complexities of federal tax regulations and optimize their financial health.
For more information, read the full article here.
Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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Vasquez + Company LLP has over 50 years of experience in performing audit, tax, accounting, and consulting services for all types of nonprofit organizations, governmental entities, and private companies. We are the largest minority-controlled accounting firm in the United States and the only one to have global operations and certified as MBE with the Supplier Clearinghouse for the Utility Supplier Diversity Program of the California Public Utilities Commission.
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