Gorfine, Schiller & Gardyn’s Tax Principal, Tom Colegrove, shares mid-year tax planning strategies to help taxpayers lower their 2021 tax bill.
For the past two tax seasons, the filing deadline was extended due to extensive tax code changes brought on by the COVID-19 pandemic and various relief programs offered to taxpayers. While most taxpayers may be experiencing tax season fatigue, now is the time to take advantage of 2021 tax planning while taxes are still top of mind.
Our latest podcast shares mid-year tax planning strategies, including:
- Benefits of contributing to retirement accounts
- Why you should contribute directly to a charity
- Importance of a donor-advised fund (DAF)
- Tax breaks for daycare expenses
- Flex spending account (FAS) and health savings account (HAS) strategies
Taxpayers will also need to be sure to check W-2 withholdings and remember to take required minimum distributions (RMD) in 2021.
Listen to our podcast today, and contact our team for questions regarding your tax situation or for a mid-year tax projection.Categories: Tax, Tax Planning, COVID-19 Resources