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End of Year Tax Tips – Part 1

  • 17 Mar 2026
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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.

Griffin Black, LLC is an SEC registered investment adviser; registration does not imply skill or training. Content is for informational purposes only and is not investment, legal, tax, or accounting advice. No client relationship is created by viewing this site. Information is believed reliable but not guaranteed. Investing involves risk, including loss of principal; past performance does not guarantee future results. Any testimonials or ratings may not reflect all experiences and are not indicative of future outcomes. Additional information, including fees and services, is available in our Form ADV Part 2A.

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