Don’t Fly Blind When It Comes to Taxes
February 17, 2020
This is the first in a series of blog posts that may help you mitigate income taxes over time. I recommend you establish a folder for future reference when you need it. Hopefully this can save you a few bucks maybe even some serious money! By the way, what is the difference between tax avoidance and tax evasion? That’s right – 20 years! Yes, tax evasion is illegal but tax avoidance is perfectly legal and you should structure your financial affairs to minimize taxes while not letting “the tax tail wag the dog.”
As of this writing the standard deduction for single tax payers is $12,400 and for married couples that file jointly it is $24,800. For most Americans, these amounts are hard to beat by itemizing deductions which we will cover in the next blog post. It should be noted that for many folks, the increased standard deduction has been a god send!