Standard Deduction VS. Itemized Deduction
The new tax rules increased the Standard Deduction and changed the Itemized Deduction rules. As a result, it is becoming more difficult for taxpayers to take advantage of deductions.
There are two ways to deduct charitable contributions even with the new limiting tax rules:
Deductible IRA or a Roth IRA?
What is the difference and which is best for you? There are different eligibly rules for you and your spouse depending on your work status and income.
401(K) Planning: Questions to Ask
Did you contribute enough to get the full company match?
Did you maximize your contribution
Are “Deductible” or “Roth” contributions best for you?
If you are close to retirement should you consider “After-Tax” contributions?
Do you have your beneficiaries titled correctly so that they can benefit from
the ‘stretch IRA rules’?
If you have a ‘high deductible’ health insurance plan then you are eligible to contribute to an HSA. This is the only investment in the tax code that is triple tax-exempt.