Last-Minute Tax Moves
Your Taxes shouldn’t require a Hail Mary play at the last minute, but that doesn’t mean there aren’t some year-end tax moves to help you out when you file next year. Here are several different things you should consider doing before December 31st to improve your tax situation.
- Spend the money in your flex-spending health care account.
- If you use your vehicle for business, buy a replacement you can write off.
- Make energy improvements to your home and tax credit. Donate to charity but donate smart—preferably with appreciated stocks.
- Sell losing securities to offset capital gains.
- Close to the yearly medical expense threshold? Spend enough to hit it.
- Pre-pay January’s mortgage now.
- Buy office supplies.
- Put more into your IRA.
- Convert your IRA into a Roth IRA.
- Start paying your Accountant now and deduct the cost. Make sure he is paid in full!
- Set up a donor-advised fund now and spend the money later.
- Put money in a 529 college savings account
- Give money or property to children, up to $15,000 each a year
Keep in mind that not all of these will be smart for everybody. For example, not all states will cut you a break for funding a 529 account, nut most will. Call us today and let us help you with your year-end moves. We at The Neve Group are experts at proactive tax planning. We will customize your tax plan to fit your individual needs, helping you not only this year but next year as well and beyond. Please contact Ernie Neve from The Neve Group at 610-278-8900 to schedule a year-end tax planning assessment.