Hawaii Children's Action Network’s Post

Did you know that as a Kansas taxpayer you can deduct up to $3,000 per child (or $6,000 if you're married and filing jointly) from your taxable income? When you're filing your taxes this year, remember to take into consideration your 529 contributions. https://amcen.co/49ELrtm

No matter how comfortable you feel about your family’s net worth, minimizing your tax liability as much as possible is always wise. And making the most of the tax relief available for having children is one way you can do that. Maximize your returns with Child Tax Credits, Other Dependent Credit, Higher Education Tax Credits, and 529 Plans. Have tax questions? Reach out! https://lnkd.in/g2jd8W-N #TaxSeason #TaxTips #TaxTipTuesday

Not sure if you qualify to claim the earned income tax credit on your tax return? Read on to learn more about how this tax benefit works and the credit amounts available depending on your filing status, number of children, and income level. https://ow.ly/yaHZ50QvfKY

The current lifetime gift and estate tax exemption is at a historic high, allowing individuals to give away up to $13.61 million and married couples up to $27.22 million without incurring federal gift or estate taxes. But, these generous provisions are set to expire at the end of 2025. Learn more: https://bit.ly/3X0ubuY

How does the state you live and/or work in stack up for individual personal income tax? Individual income taxes are imposed by forty-three states, with forty-one of them taxing wage and salary income. New Hampshire solely imposes taxes on dividend and interest income, while Washington exclusively taxes capital gains income. Seven states do not levy any individual income tax (we see you Wyoming!) See how your state compares here: https://lnkd.in/gBSpFinA

Learn how to create additional sources of guaranteed income for life and achieve income independence by avoiding costs, risks, and taxes.

For the 2023 and subsequent tax years, if you occupied an eligible rental unit in BC under a tenancy agreement, sublease agreement or similar arrangement for at least 6 month periods, you can claim the Renter’s Tax Credit. For the 2023 tax year, the maximum renter’s tax credit you may receive is $400. This credit is a refundable tax credit. You claim the credit when you file your 2023 income tax return. Reach out to us if you need help completing your income tax return. #taxcredit #financialliteracy #canadataxes #canadataxtips

If you have more income than you need and are searching for ways to minimize your taxes, you might consider gifting unneeded income-producing assets to relatives in lower tax brackets. This strategy usually lowers overall taxes and can remove some interest, dividends, and capital gains from your portfolio. If you are interested in gifting, however, you should be aware of the so-called kiddie tax, as well as the federal gift and estate tax rules.

The Child Tax Credit is a federal tax benefit that gives you a dollar-for-dollar deduction on your tax bill for dependent children under age 17. Take a look at how it works, who qualifies, and how to claim it on your upcoming tax return. https://bit.ly/48npqha Schedule with our Hawaii Team: https://bit.ly/3SOZ0zh Schedule with our Oklahoma Team: https://bit.ly/3SJKmcv #tuesdaytaxtip #heirassociates

Download a free copy of Northwestern Mutual’s Quick View Tax Guide. This guide can help you ensure you understand your applicable federal income tax rates and that you are taking advantage of every deduction and credit available to you.