Click on the link below to review the Important Financial Planning Numbers publication that has the most current income tax planning numbers.
| Current Year | ||
|---|---|---|
| 2024 |
Below are the items related to income tax planning you can find in the above Important Financial Planning Numbers publication.
Click on the jumplinks below for additional information on a particular item.
Filing status will impact the amount of taxes owed. Here is a tool to help taxpayers determine their filing status.
Exclusion of Capital Gains on Sale of a Primary Residence
The gain from the sale of a primary residence has favorable tax treatment. See the qualifications and limits below.
Here are some resources on itemized deductions.
Tax credits are extremely valuable tax incentives. The IRS has information about them on their website.
One income-shifting strategy involves gifting assets to dependent children. However, such a strategy needs to be done carefully. Below is some helpful information.
The alternative minimum tax (AMT) was initially designed to ensure that wealthy taxpayers pay a minimum amount of tax. Unfortunately, the AMT has often ensnared middle-income taxpayers. Here is information from the IRS on the topic.
Tax calculators are a helpful tool for estimating taxes, the tax impact of additional or lost income, and an average tax rate. Commercial financial planning software often will make these calculations for you (including state income taxes). If you do not have access to such software and only need a rough estimate, you can use an income tax calculator like the ones that appear below.