On the second floor of TD Bank, Connor Lewis, Tax Senior Director of BDO, unveiled tax breaks that are commonly undetected to the untrained eye. Individual income taxes are probably one of the largest annual expenditures. As with any other service, individuals should consider opportunities to reduce or defer your annual tax obligation.
In his presentation at the Meet and Greet Mixer, Connor expounded upon different sets of lifestyles that BDO’s services could benefit toward. For instance, if one has obtained written substantiations from their charitable contributions, BDO’s Tax Letter helps to get the most out of their tax return.
The most common mistake people make is preparing their own taxes because the amateur eye might miss out on opportunities that an inexperienced person won’t recognize. “If you install a new energy efficient water heater in your home, there is a tax benefit from that,” said Lewis. BDO provides a questionnaire that helps recognize potential tax breaks.
According to Forbes, the average tax refund is almost $3,000, $2,953 to be exact. In all, over $325 billion in tax refunds are paid to taxpayers. To join in the top 1% of earners nationally, one would need an annual income of $369,509. To reside in the top 10% of income earners, on would need to make $116,555, meaning 90% of all taxpayers make less than that amount.
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This post was written by Elevate, Inc.