When presidential candidate Mitt Romney made his tax return public, it not only revealed financial details about him, it also revealed a few things about the tax code. Romney’s average effective tax rate is considerably lower than most people in the top 10% because his income comes mostly from capital gains, dividends, and interest. Charitable donations are another highlight on his tax return.
While many in your audience don’t make as much or donate as much as Romney, they may be able to benefit from the way those items are taxed. PICPA can put you in touch with a CPA who can explain the following:
- What qualifies as capital gains, dividends, and interest?
- At what rates are they taxed?
- How do charitable contributions change the outcome of a return?
- Does your filing status affect your rate?
W-2s are starting to show up in taxpayer mailboxes. Show your audience how to take advantage of tax laws relating to capital gains and donations as they’re getting ready to file. PICPA can put you in touch with a CPA who can explain these and other tax issues. To set up an interview, contact Kathleen Miller at firstname.lastname@example.org or 215-972-6188.