Tax Planning Tips for Families Concord NC

Tax planning in Concord certainly does not get any easier as your family grows. However, as long as you are fully aware of your financial situation and the steps that need to be taken, you should be ahead of the game.

Fredrick J. Kraus
174 Church St. NE, Ste. 204
Concord, NC
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Marcus David Liner
(704) 260-3000
1000 Progress Place
Concord, NC
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Scott M. Adams
433 Church Street N
Concord, NC
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Richard Q. Lafferty
829 Courtney Ct SE
Concord, NC
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Joseph Holland Plummer
29 Church St. SE
Concord, NC
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Paige Sullivan Loper
11446 Baystone Place
Concord, NC
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Kevin C. Link
1 Buffalo Avenue, NW, Suite 3305
Concord, NC
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Fred A. Biggers
6276 Harbor Drive
Concord, NC
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Keith U Kuder
(704) 430-9246
1000 Progress Place
Concord, NC
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Valerie Gail Kolczynski
2766 Joe Bost Rd.
Concord, NC
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Tax Planning Tips for Families

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7 Tax Planning Tips for Families

Author: Roni Deutch

1. Save Receipts
Every year you should create a new folder in your filing cabinet, to keep all of your tax related documents and receipts for the year. If you make a habit of collecting these files throughout the year then it will make life easier for you and your family come next tax season.

2. Stay Current on Recent Tax Laws
If you are serious about tax planning for your family then you want to make sure you understand the current set of tax laws. It is important to make sure you are keeping the correct receipts, planning for the right deductions, and making smart purchases.

4. College Tax Credits
Speaking of recent tax law changes, President Obama recently extended the college tax credit. If you have any children attending college this year then you will want to make sure and claim the new credit. The maximum amount for the credit was raised to $2,500, and can now be claimed for up to 4 years. To learn more about the American Opportunity Tax Credit, check out this entry on Roni’s personal blog.

5. Educational Savings Accounts
Formerly called “Educational IRAs” these special savings accounts are a tax friendly way to save for your child’s future educational expenses. Although you pay taxes on the money deposited into the account, you will not be taxed on earnings that you withdrawal from the account to pay for college expenses. You are allowed to $2,000 per year for each child you have until the reach the age of 18. For more information on educational savings accounts, check out IRS Publication 970: Tax Benefits for Higher Education.

6. Health Care Deductions
If your family’s medical bills exceed 7.5% of your adjusted gross income then you can deduct them on your tax return. This can be especially useful if you have a newborn child or a sick family member who needs extra medical attention throughout the year.

7. Employing a Child
If you are the sole proprietor of a business then you might want to consider hiring one of your children. As long as they are under the age of 18, you can them up to $5,000 in wagers per year that will not be subject to income taxes.

About the Author:

The Tax Lady Roni Deutch and her law firm Roni Lynn Deutch, A Professional Tax Corporation have been helping taxpayers across the nation find IRS tax relief for over seventeen years. The firm has experienced tax lawyers who can fight IRS tax liens on your behalf.

Article Source: http://www.articlesbase.com/taxes-articles/7-tax-planning-tips-for-families-956192.html