USA Tax advice for a client

Joined
Feb 1, 2020
Messages
1
Reaction score
0
Country
United States
I am a recent Accounting Degree graduate and I need some seasoned advice on a client situation. The client is in the medical field and recently received a$60,000 increase in wages for 2020, and needs advice on how to avoid a large tax bill next year. We discussed possibly increasing her 401K contributions and adjusting her W-4. What other advice can I give her? Any suggestions would be greatly appreciated.
 

bklynboy

VIP Member
Joined
Oct 12, 2011
Messages
595
Reaction score
112
Country
United States
Does the person itemize? If yes increase Charity and Take a second mortgage? Buy LTC policy depending on medical expense deduction?
HSA contributions? 529 account?
Buy Real Estate if making under 150K to deduct losses?
Is wages eligible for deferred comp so she doesnt have to take it in 2020?
Several other strategies available as well. Honestly - are you really a tax accountant if 401K is the extent of the advice?
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,629
Messages
27,572
Members
21,371
Latest member
glucoslime

Latest Threads

Top