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Year End Tax Planning

11/26/2019

 
Year End Tax Planning Ideas
With the end of the year approaching, now is the time to look for opportunities to save on income taxes. Here are some items you should look for:
​
  • Determine whether bunching deductions into 2019 or 2020 will enable you to itemize.
  • Maximize the $15,000 per donee annual gift tax exclusion if estate taxes are a concern
  • Maximize contributions to retirement plans
  • Maximize contributions to Health Savings Accounts
  • Look to offset realized capital gains with any losses you may have
    • Don't forget you can claim an extra $3,000 per year in losses over gains
  • Estimate income & deductions year-to-date. Consider if accelerating or delaying income can lower your tax bill
    • Roth conversions must be completed by December 31st, 2019
  • If you're over 70 & 1/2 and have not taken you required minimum distribution from an IRA, consider making a Qualified Charitable Contribution from your IRA in the amount of your RMD to a qualified charity to avoid taxation of the RMD altogether
  • If you'll be paying  private school tuition (not daycare expenses) or college tuition in 2020, consider making a contribution to your state's 529 college savings plan in 2019, if the state allows a deduction for 529 plan contributions
    • SC allows up to $10,000 of state tax deductions each year, a $700 estimated yearly tax savings 


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  • HOME
  • SERVICES
    • Financial Planning
    • Tax Planning
    • Fiduciary Investment Management
    • Small Business Planning >
      • Business Retirement Plan Advisory
  • ABOUT US
    • WHAT IS A FEE ONLY ADVISOR?
    • FREQUENTLY ASKED QUESTIONS
    • OUR TEAM
  • BLOG
    • BLOG
  • SCHEDULE AN INTRO CALL
  • CONTACT A FINANCIAL PLANNER
  • Form ADV Part 2