Federal Tax, Tax

It’s Not Too Late to Start Keeping Tax Records

Are you keeping detailed tax records? With 2022 half over, you should be mindful that tax planning is a year-round task. Putting off recordkeeping could result in lost tax opportunities. Eligibility for certain tax credits and deductions available to taxpayers is based on their adjusted gross income (AGI). AGI is gross income minus specific deductions which can help lower your tax bill. Taxable income is AGI minus the greater of the standard deduction or itemized deductions. It’s not too late! Start keeping meticulous records so you can prove your eligibility for tax credits and deductions and boost your chances of shaving your tax bill. Here’s more from the IRS: https://bit.ly/3y3QamN. Contact us if you have questions about your return.© 2022