173 Tax Moves To Consider When Filing Your 2021 Taxes

The Internal Revenue Service (IRS) begins accepting federal and
state taxes on February 12, 2022. What this means is citizens of
the U.S. should be gathering all of their financial documents in
preparation for meeting the filing deadline which is April 15,
2022.


Here are a few things to consider leading up to the tax deadline:
U.S. citizens had until December 31, 2021, to make 401K
contributions, however, they can make health savings account (HSA)
contributions until April 15, 2022.Retirees must make 401K and IRA
required minimum distributions (RMD) each year when they reach age
72.Convert money from a traditional IRA to a Roth IRA.Contribute to
a 529 account that pays for their children's college expenses while
saving them state taxes.When the end of the calendar year is coming
to a close, don't invest in mutual funds, dividends from them will
be taxable.Harvest your capital gains, if you own stocks and lose
money on them, you can sell them and receive a deduction on your
federal taxes.Pick up capital gains if you are in a low tax
bracket.Harvest losses on cryptocurrency.Donate cash to a
charity.Meet with a tax advisor or work with one associated with
your online tax filing service.

There are more tax tips to share, however, these ten will
jumpstart the tax filing season for you. If you have questions
and or comments, you can reach Paul Lawrence Vann at
info@paulvannspeaks.com


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