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Dianne Williams Wildt, MBA
Certified Retirement Counselor®
Since 1983 in the financial services and investment industry
Retirement Pathways, Inc.
4500 Bowling Blvd., Suite 100
Louisville, KY 40207
Phone: 502-797-1258
Email: dianne@retirementpathways.com
Website: www.retirementpathways.com
January/February 2020
Ways to Help Minimize Your Taxes
Big Changes
Don’t forget the obvious when looking for tax deductions and credits. If you were married last year or became a new parent, you’ll find increased deductions and potentially new credits. If you don’t itemize on your tax return, the standard deduction for joint filers in 2019 is $24,400; it’s half that for a single tax filer.
You can also find tax credits if you care for an elderly person declared as a dependent or pay for child care if you qualify by income. Tax credits are more valuable than deductions because they reduce your taxes, not your taxable income.
For Itemizers
If you itemize on your tax return, you can deduct real estate and local income taxes, up to certain limits. You might also deduct donations to qualified charities and home office expenses.Don’t forget that you have until the 2019 tax-filing deadline to contribute to a traditional IRA, which may reduce your taxable income, or Roth IRA, which may reduce taxable income in the future.
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Investment advisory services offered through American Capital Management, Inc., a State Registered Investment Advisor. Retirement Pathways, Inc. is independent of American Capital Management, Inc.
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