With year-end approaching, now is a good time to start thinking about your 2021 taxes. The fourth quarter of the year is a great time to take some steps that can help lower your 2021 tax bill and have a positive impact in 2022 and beyond. The current congressional spending bill may also impact your taxes, so there are plenty of strategies to consider prior to the end of the year.
Tax planning might sound complicated, but it doesn’t have to be, especially if you plan while there’s still time to make adjustments. The process involves anticipating total income for the year, and then considering potential deductions, adjustments to income, credits, and other actions that could lower your overall taxes.
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