17 Dec 2021 Individual Income Tax Planning

Adoption credit

Alternative Minimum Tax (AMT)

Charitable deductions

¹ Contribution is fully deductible if minimum contribution amount is met and cost of token gift does not exceed maximum

² Charitable contribution is fully deductible if the benefit received by the donor doesn’t exceed the lesser of the threshold amount or 2% of the amount of the contribution

Child tax credit

Classroom expenses of elementary and secondary school teachers

Earned income tax credit (EITC)

Expatriation

Foreign earned income

Itemized deductions

Kiddie tax

¹ Taxed at parents’ tax rates in 2020 and 2021. In 2019, taxed at trust and estate income tax rates (special rules apply to alternative minimum tax purposes) but retroactive election may be made to tax at parents’ tax rates.

Medicare tax (additional payroll tax and unearned income contribution tax)

Nanny tax

Personal exemption amount

“Saver’s Credit”

Standard deductions

Standard mileage rates

All investing involves risk, including the possible loss of principal, and there is no guarantee that any investment strategy will be successful.