Even with the new tax law, there are still steps you can take before 2018 ends to make sure you’re taking advantage of all of the breaks you can.
Here are some tried-and-true strategies that still apply.
The new tax law has put a whole new spin on year-end tax planning, though it hasn’t eliminated the need to do it altogether.
“The tricks we had in our back pocket have been taken away in the name of simplification,” said Nathan Smith, a director in the national tax office of CBIZ MHM in Tampa.
“What we want to do now is look at what we have left to work with.”
For starters, fewer people will itemize under the Tax Cuts and Jobs Act. Now, an individual will need total itemized deductions to exceed $12,000, the new standard deduction for individual taxpayers, up from $6,350. Married couples would need deductions exceeding $24,000, up from $12,700.
Even with the nearly doubled standard deduction, there are still moves you can make before 2018 ends to make sure you’re taking advantage of all of the breaks you can get, Smith said — as well as some tried-and-true strategies that still apply.
Here are some of the best ways to lower your tax bill for 2018:
The new tax law has put a whole new spin on year-end tax planning, though it hasn’t eliminated the need to do it altogether.
“The tricks we had in our back pocket have been taken away in the name of simplification,” said Nathan Smith, a director in the national tax office of CBIZ MHM in Tampa.
“What we want to do now is look at what we have left to work with.”
For starters, fewer people will itemize under the Tax Cuts and Jobs Act. Now, an individual will need total itemized deductions to exceed $12,000, the new standard deduction for individual taxpayers, up from $6,350. Married couples would need deductions exceeding $24,000, up from $12,700.
Even with the nearly doubled standard deduction, there are still moves you can make before 2018 ends to make sure you’re taking advantage of all of the breaks you can get, Smith said — as well as some tried-and-true strategies that still apply.
Here are some of the best ways to lower your tax bill for 2018:
Allocating expenses into needs, goals and aspirations can help provide a better framework for managing your cash flow and living comfortably.
1) Maximize retirement savings
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