The pandemic has many people considering their retirement options for the year and are looking at their tax responsibilities before making a final decision.
Jeff Badu is a personal finance advisor serving Chicago, IL. He notes the IRS has many different rules, cost of living adjustments and other tax changes that affect retirees and retirement funds.
“It is important to know that as a professional personal finance consultant here in Chicago, I have a full understanding of these tax laws and liabilities. I help clients navigate these difficult laws each year. My goal continues to be the same – minimize tax liabilities,” said Badu.
Specifically, the standard deductions for each filing group has come up a small amount over the previous tax year. There are special rules for dependents as well. IRA contributions have not changed since last year, and individuals 50 and over can continue to contribute an additional amount.
“Lastly, children who earned income last year over $2,200.00 will be taxed at the parental tax rate. This can be significant depending on the parental tax bracket. It is important to have a Chicago tax professional or one of the financial advisors review the information,” said Badu.
Badu recommends uploading tax documents into his website and cloud. This way he can review the documents and make recommendations without needing to schedule an in-person appointment. Although, clients are welcome to schedule appointments if they feel the need.
Learn about his estate planning, tax services and other accounting options at the website. Go to www.badutaxservices.com for details.
Company Name: Badu Tax Services LLC
Contact Person: Jeff Badu
Email: Send Email
Address:4258 N Greenview Ave Ste 1E
State: Illinois 60613
Country: United States