A number matters to you... and so it does to the government

What is Standard Deduction?--Standard deduction is a specific dollar amount that reduces the amount of income on which you are taxed.

Your age & Dependents' age matters!

• Age 65+ benefit an additional deduction.
• Dependents 18-25 (Young adulthood), parents get pennies in standard deduction.
• Dependents 0 to early teens, parents get limited standard deductions.

Annual taxable income directly affects your tax bracket.

The higher the taxable income, the higher is the tax rate applied to you.

• Learn about your tax Filing Status (Single, Married filing jointly, Married filing separately, Head of Household, Qualifying surviving spouse).
• Learn about the difference between Single and Head of Household or Qualifying surviving spouse filing statuses.
• Learn about the difference between Head of Household and Qualifying surviving spouse filing statuses.

Child Tax Credit and Other Dependents:

• Claiming more qualifying children and other dependents can reduce your tax liability.
• Keep good records of your dependents' care, education costs, medical expenses 

Hire your children, and

• Reduce your business tax liability.
• Increase your family after tax income.
• Payroll from your business to your children are tax free.

• Age 67 is the full retirement age, meaning that you get your full Social Security Benefit at the age of 67.
• Age 62 makes you qualified for partial retirement benefit.

• Age 59 and a half is the penalty-free withdrawing age for 401K plans.
• 401K Early withdrawal Penalties are: Pay 10% fee plus income tax on the amount taken 
• Develop a habit to check on your 401K performance.
• How much money did you lose on your 401K investment?
• How much money did you gain on your 401K investment? 
• How is your 401K contribution being done? is it a traditional 401K or ROTH?
• Do you prefer the tax now concept or tax later concept?
• What do you know about IRA?