#taxsavingstrategies

[20westlegal]

The end of the year is fast approaching, and that means it's time to start thinking about how you can save money on your taxes.

While it can be hectic, it's also a fantastic time to implement several key tax-saving strategies. If you do nothing but put off saving for your taxes until April next year, you could miss out on some major deductions and credits that would reduce your taxes by thousands of dollars.

And with just a few weeks left in 2022, you better act fast.

Here are 4 of the leading moves you can make to save big on your 2022 tax return.  https://bit.ly/taxsavings2022 . . . #taxsavingstrategies #taxbreaks #taxpayersguide #taxtips #taxreturn #taxes2022 #tax #capitalgainstax #retirementaccount #sudburyfamilies #sudburytaxpayers #sudburylawfirm #sudburylawyer #ericaendyke #20westlegal

[20westlegal]

Education trusts typically aren't set up as tax-saving vehicles, as is the case with a traditional 529 plan that provides tax savings but has much more restrictive rules for how their funds can be used.

You could save on taxes with an education trust if it is drafted in a way that allows its income to be taxed at your beneficiary's tax rate. It could be significantly lower than your personal tax rate.  

If you establish an irrevocable trust for education purposes, consider all of the tax impacts on income earned by the trust. For example, the trust would be taxed on income not distributed by year's end. But you can have the trust drafted to pay out all income to the beneficiary or include other provisions that cause the trust to be taxed to the beneficiary (even if income is retained).

Contact us today to learn more about our unique strategies to protect your loved ones. Call (978) 440-0014 or book your appointment here https://bit.ly/schedulewitherica

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[20westlegal]

The seven moves you can make to save big on your taxes in 2021 that we discussed last week are just a few ways to reduce your tax bill.

Some strategies are time-tested and available every year, but with all of the legislative changes made during the past two years to deal with the pandemic, there are also a few opportunities that won’t be around much longer, with some only available this year.

However, you can find numerous other deductions and credits that your family might qualify for, depending on your circumstances.

Meet with us to ensure you don’t miss out on a single one. Contact us today to schedule your appointment.

Call (978) 440-0014  or book your appointment here: https://bit.ly/schedulewitherica

#taxes2021 #taxreturns #reducetaxbills #taxsavings #taxsavingstrategies #lifeandlegacyplanning #familywealthplanning #estateplanninglawyer #sudburyattorney #sudburylawfirm #personalfamilylawyersudbury #ericaendyke #20westlegal

[20westlegal]

Did you know that there are numerous last-minute moves you can make to reduce your tax bill for 2021?

Taxes bill filing deadline has been pushed back to Monday, April 18th, due to a holiday on April 15th. Although many strategies to save on your income taxes must be locked in before the end of the year, there are numerous ways you can reduce your tax bill right up until the filing deadline.

Check out this week’s blog article for seven last-minute moves to save money on your taxes for 2021. https://bit.ly/lastminutemove

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