The Tax Cuts and Jobs Act took effect this year, rolling out some major changes to the way individuals and businesses file their taxes. Key changes include the doubling of the standard deduction to $12,000 for singles and $24,000 for married couples who file jointly, the elimination of personal exemptions, and sweeping changes to itemized deductions.
In this second video of a 3-part series, I explain three more strategies for reducing income from hitting your tax return:
- Making contributions to a Roth IRA or doing a Roth conversion.
- Buying real estate through funds or alternative investments.
- Buying municipal bonds.
Give us a call at 712-256-4856 with your tax and investment questions. Strategic tax planning is a key to your enjoying a successful retirement.
[Financial Planning and Investment Management Services offered through Dickinson Investment Advisors, Registered Investment Advisor. Statistics and market information provided by Litman Gregory Advisor Intelligence.]