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Tom Meaglia, ChFC®, AEP®, CLU®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

January/February 2020

Ways to Help Minimize Your Taxes

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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