Tax Tips Archives - Lake Stevens Tax Service

Year End Tax Planning Tips | Lake Stevens Tax Service

Year-End Tax Tips and Reminders for Individual Tax Payers – 2021

Max out their IRA contributions

Contributions to an IRA are always a good idea for those who are eligible, but there may even be beneficial for tax purposes depending on the type of account. For 2021 and 2022, there is a $6,000 limit on contributions to traditional and Roth IRAs. Those age 50 or older can contribute another $1,000. Contributing to a traditional IRA may also be tax-deductible for those who qualify, which could reduce the amount owed in taxes. Contributions to Roth IRAs are never tax-deductible, and if you make too much money, contributions cannot be made.

Major Employment Tax Deadlines in 2021

Handling employment taxes can be complicated, especially when you’re required to file important tax documents throughout the year. Here’s a list of key forms and deadline dates to help keep you on track.

2020 Year-End Tax Tips

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020. With that in mind, we have listed several important items to consider as you review potential tax changes between now and the end of the year.