IRS Trouble Solvers - February 2022


With tax season approaching, it’s time to make sure you understand tax rules and how to use them to your benefit. Why? Because this can change how much you end up paying or getting back when it comes time to file in April. Analyzing and arranging your financial situation in an effort to minimize tax liabilities and maximize tax breaks is the bread and butter of tax planning. To begin tax planning, you must first know and understand your tax bracket. Because the United States has a progressive tax system, those with high taxable incomes will be in a higher tax bracket, while those with lower taxable income will be in a lower tax bracket. Once you know which tax bracket you’re in and how much of your income you can expect to pay for taxes, the best way to plan your taxes is with tax deductions and tax credits. While both reduce what you will owe, they are different. Tax credits work to reduce the taxes you owe dollar- for-dollar. So, if you get a credit for $1,000, your tax bill is directly lowered by $1,000. Tax deductions, however, are incurred expenses you can subtract from your taxable income, reducing how much of your personal income will be subject to taxation. TAX PLANNING 101 How to Maximize Your Return and Minimize Your Liability

It’s crazy to think that being head over heels, madly in love with someone can benefit your body in the same way that broccoli can, but it’s true! Science has proven that being in love comes with myriad health benefits. Fewer colds and natural pain control? Yes, please! Love triggers the “feel good” hormone, dopamine. When you first fall in love — and the butterflies are flying uncontrollably — dopamine is at very high levels, and mentally, you’re happy, healthy, and positive. As the relationship matures, oxytocin, also known as the bonding hormone, blends with dopamine and reduces stress. We all know that stress can lead to a number of health complications, so the less stress, the better! New research has found that just being around someone you love can act as a natural pain reliever. Research has also determined that married people complain less about headaches and back pain. When your mind is happy, your immune system is stronger, making you less prone to getting a cold or stomach bug. Some research has even shown that happily married couples live longer than those who are not happily married. The hormone vasopressin helps to control your blood pressure. Being in love releases vasopressin into your body, keeping your blood pressure at a healthy level. Both your heart and lungs are also impacted by the love you have for another. If you aren’t in love, you can still reap the benefits through a strong and healthy social support system. When you have friends who bring you joy and happiness, even just a hug may help to release positive hormones and keep your health on track. Take time to invest in positive relationships to keep your heart and body healthy and happy, both literally and figuratively. The Power of Love LOVE REALLY CAN BE A DRUG

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So, what are you waiting for? Let the love flow!


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