Dec. 31 is just around the corner. It’s time to start thinking about next season and to make any last-minute moves that might improve a client’s tax position.
For starters, the standard deduction amounts remain $6,300 single/married filing separately, and $12,600 for married filing jointly. The standard deduction for heads of households, however, rises to $9,300.
Contact us for other important insights to do before the end of the year such as deferring income, keeping an eye on your adjusted gross income, new permanent incentives for individuals and business and retirement.