Chapter 12 Planning your tax strategy

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Presentation transcript:

Chapter 12 Planning your tax strategy Section 12.3 Tax Assistance and strategies

Tax Assistance As your personal finances become more complex so will your tax preparation You might need help IRS website Books (Taxes for Dummies) Software Professionals

Tax Audits Tax Audit – a detailed examination of your tax return by the IRS If you receive and audit notice: You have the right to request time to prepare You may ask for clarification on the items in question Arrive for your audit appointment on time Bring only relevant documents Answer the auditors questions with clear, complete, and brief answers Be positive Bring your tax preparer, accountant, or lawyer if you’d like.

Consumer Purchasing Strategies Buying decisions you make can affect the amount of taxes you pay If you purchase a house, your interest is tax deductible Job related expenses can be tax deductible Union dues Travel expenses Educational expenses Tools

Investment Decisions and Retirement Plans Certain investment decisions may also reduce your income tax To encourage early planning the government allows you to defer paying taxes on money that you invest in retirement plans You don’t have to pay interest on this money until you withdraw it.

Changing your Tax Strategy People pay taxes because they are require to do so by law As tax laws change, your strategies should change too Take advantage of new tax laws that may reduce the amount you pay