Most tax planning suggestions are given during the preparation of a prior-year return. The suggestions enable taxpayers

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Most tax planning suggestions are given during the preparation of a prior-year return. The suggestions enable taxpayers to plan for the future but do not affect the outcome of the return currently being filed. Which process CAN reduce tax liability on the prior-year return that is being prepared as the advice is given?

1. Completing Step 4 (optional), Other Adjustments on the 2020 Form W-4, Employee's Withholding Certificate.

2. Purchasing savings bonds.

3. Completing a Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts.

4. Contributing to a Coverdell Education Savings Account.

Posted Date: Sep 30, 2021 03:33 PM

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