Our weekly roundup of tax-related investment strategies and news your clients may be thinking about.
Little known tax tips to minimize your clients’ tax bills There are ways for taxpayers to avoid taxes on cash gifts they give to their loved ones, according to this Huffington Post report. Clients may also be unaware that they qualify for a tax deduction for fostering a pet and for installing a swimming pool as recommended by a "medical practitioner" for their therapy. Homeowners can deduct their mortgage interest payments, but many of them miss out on this tax break. Some taxpayers could have enhanced their tax savings if they claimed a tax deduction for their retirement plan contributions.
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