Tax Planning Tips from a CFP: Tax Brackets, Deductions, Credits & Tax-Saving Strategies

Tax Planning, Tax Brackets & Tax Deductions Explained | Financial Planning: Explained This week on Financial Planning: Explained, host Michael Menninger, CFP® discusses tax planning in the first episode of a two-part series covering taxes, tax brackets, deductions, credits, and other important factors that can help individuals better understand their annual tax situation. In this episode, Mike explains the basics of taxation and how federal and state tax systems can affect taxable income. He discusses different tax ranges, tax divisions, and how income levels may place taxpayers into different brackets. Mike also provides a tax bracket illustration comparing 2018 vs. 2020 tax rules, showing how changes in tax laws and tax percentages affected various income ranges. He explains taxable income, spousal tax benefits, tax rate changes over time, and certain qualifications that may allow taxpayers to receive special tax advantages. In the second part of the episode, Mike walks through tax deduction calculations and explains how different factors can affect taxable income. He also discusses changes to the Child Tax Credit, qualification rules, Social Security taxes, and how certain income levels can affect the amount of tax owed. Whether you are reviewing your tax return, trying to understand tax brackets, planning ahead for deductions, or looking for ways to better organize your annual tax planning, this episode provides helpful insight into taxation and how financial planning can help improve tax awareness. Topics Covered: Tax planning explained Federal taxes State taxes Tax brackets explained 2018 vs. 2020 tax brackets Taxable income ranges Spousal tax benefits Tax rate changes Special tax advantages Tax deductions Tax deduction calculations Child Tax Credit Social Security taxes Taxable income planning Annual tax planning Financial planning and taxes For more information on Menninger & Associates Financial Planning visit https://maaplanning.com. Meet Mike Menninger, CFP the host of Financial Planning: Explained https://maaplanning.com/who-we-are/ou... #financialplanning #cfp #taxplanning #taxtips #taxstrategies