The current pandemic has put serious strain on everyone. Governments at all levels are no different, and the necessity of recouping some of the losses from the virus will be made manifest in short time.
This means there may be some sort of a tax increase on tax payers. The amount of tax paid and the effects on a taxpayer can vary widely, but the general consensus is the same – all want to minimize their tax to keep more money in their pockets.
Jeff Badu is among the best tax advisors Chicago, IL, has to offer. A certified public accountant, Badu helps individuals, small companies and corporations with their tax obligations. For the individual, there are some excellent tax-free income sources available.
“The Roth IRA is one of the best because it is after-tax. This means the income generated from the IRA will not be subject to state and federal tax. There is also an added bonus that beneficiaries can benefit from the Roth as well,” said Badu, personal finance consultant in Chicago, Illinois.
Two other possible routes for tax relief are municipal bonds and health savings accounts.
“Municipal bonds are issued by governments as a supplement to taxes and funding projects. There is a drawback to these bonds. They do come with a degree of risk and possible tax obligations. The health savings accounts can be beneficial down the line in retirement, provided the tax payer keeps receipts,” said Badu.
Badu and other Chicago financial advisors offer plenty of suggestions on how to leverage these options in the favor of the tax payer. Badu also offers a possibility for client to store tax documents on his website. This way, his clients can load documents as necessary.
Learn more at www.badutaxservices.com.
Company Name: Badu Tax Services LLC
Contact Person: Jeff Badu
Email: Send Email
Address:4258 N Greenview Ave Ste 1E
State: Illinois 60613
Country: United States