End of Year Tax Tips – Part 1

As we approach 2019, there are a few strategies to take advantage of before the end of the year to reduce your tax bill.

Tax-deferred Savings

The 2018 limit for elective deferrals to employer retirement plans (401(k), 403(b), etc.) is $18,500. If you’re over age 50 by the end of 2018, your limit is $24,500. Contact your payroll department to make sure you reach the limit by the end of the year.

Itemized Deductions

Changes in the tax code means that fewer people will benefit from itemized deductions. If you expect to fall slightly below the standard deduction threshold regularly, consider grouping itemized deductions into a single year. Your tax professional can help you determine what your 2018 itemized deductions might be and if you would benefit from the strategies described below:

Please contact Griffin Black soon if you’re interested in setting up a donor advised fund.

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1 thought on “End of Year Tax Tips – Part 1”

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Yes, investment returns matter. But your basic assumptions about and behavior toward money will probably impact your finances – and your eventual wealth – more than you currently imagine.
For long-term investors, knowing the difference between what can and cannot be controlled is the key to both financial success and peace of mind. While all investors would like to believe they can predict the direction of the market, experience teaches us that this is difficult to do.

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