FINANCIAL BUZZ
End of Year Financial Tips 3 LOCAL FINANCIAL EXPERTS WEIGH IN
ARTICLE BY SUSAN LANIER-GRAHAM PHOTOGRAPHY BY CHRISTINE ANDERT
K r ystopher Ziol kowsk i, A-Zed Ta xes LLC Krystopher Ziolkowski owns A-Zed Taxes (AZedTax.com) and prepares annual tax returns for individuals, trusts & estates, and
WHAT ARE WAYS PEOPLE CAN DONATE TO REDUCE TAXES? If someone wants to take part in the spirit
small businesses.
of giving, individuals can receive an additional
ARE THERE STILL TAX PLANNING
ried) in 2021 in addition to the standard deduc-
STRATEGIES FOR 2021?
tion (restrictions apply). Arizona also provides
deduction of up to $300 (single) or $600 (mar-
Absolutely! I like to advise clients to split their
additional deductions using Arizona Tax Credits
tax liabilities over multiple years. For example,
for qualified AZ non-profits, public schools, fos-
if a client is pulling funds out of a retirement
ter care programs, and others. You can donate
account to purchase a home in January, I would
through April 15, 2022, to receive a credit for
advise taking half by December 31st, and then
2021. It does make your life a bit easier if you
taking the second half in early January to split
donate in the year you receive the credit, so get
the tax implications over two years.
those credits in before the end of the year.
Sometimes business owners can spend
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down or take advantage of bonus depreciation
WHAT SIMPLE ADVICE DO YOU HAVE
on certain end-of-year purchases. For exam-
FOR 2022?
ple, a real estate agent having a stellar year can
Definitely work with a tax expert to help
purchase a new vehicle, which could qualify for
understand the tax law updates and how they
an offset of her 2021 income.
will impact 2022.
North Peoria Lifestyle | December 2021