When it comes to taxes, it’s important to know the most current information. On this episode of the podcast, estate planning lawyer Shannon McNulty is joined by Tariqah Mills, CPA to talk about tax information for 2021 that parents will want to understand.
We’ve Experienced Change
Due to the COVID-19 pandemic and the changes in administration, we’re now seeing changes when it comes to doing your year-end taxes. Though you’ll likely want to reach out to a certified accountant or tax professional to understand your unique tax situation, Tariqah does help us understand some of the common areas related to taxes that parents want to know about:
- Tax credit vs. tax deduction
- The CARES act and specifics that impact taxes
- Usual deductions and some you may not be aware of
Make Sure You Understand the Deductions You Can Take
With the unexpected year, the changes that many of us faced with work and schooling for our kids, and the changes to tax information, it’s important that you understand the deductions and changes for this year. While taxes are something you can do on your own, this year it may be useful to work with a professional in order to make sure you’re taking advantage of all of the tax deductions and credits that you are eligible for.
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