Don't be caught off guard next tax season

Rebecca Crockett
September 12, 2019 - 4:00 am

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Kansas City, MO - Many were unhappy this last tax season with their return, but this year can be different if you act now. Peter Newman, CPA and host of Money Line on KMBZ says the standardized deduction removed the benefit of charitable giving, but for those over the age of 70, there's an option. 

"You've got $10,000, let's say, coming out of your required minimum distribution, that's always going to be taxed. If you don't want to be taxed on a part of it, have the fiduciary send the money directly to the charity," advised Newman. 

If you ended up owing on your taxes this last season, Newman says there's a tool to help you out. The IRS has a brand new tax calculator to keep you ahead of the tax game. He says it's available for anyone to use. 

If you're still playing catch-up, Newman says there's a chance you have unclaimed money that'll give you a boost. You can go to Kansascash.com or in Missouri it's Showmecash.com.

There's $225 million unclaimed and some of that could be yours. 

For families wanting to put money away, Newman says the 529 education savings plan has some big advantages. "You get a deduction at the state level, meanwhile, the money is earning tax free, and when it is ultimately distributed to your kids, grandkids, even your spouse, it will never be taxed," explains Newman. 

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