This year marked the first time taxpayers filed their returns under the Tax Cuts and Jobs Act of 2017 (TCJA). Due to the sheer number of changes introduced, many taxpayers may not be aware of steps that need to be taken before year-end to help manage their tax exposure under the new law. That’s where year-end tax planning can play a critical role. Important decisions, such as whether you will itemize or take the standard deduction next April, depend on the actions you take before year-end 2019. That’s because December 31st is the deadline for implementing certain strategies that can help reduce your taxable income, increase your allowable deductions, and keep more of your money working for you.
Below we examine ten tax-smart strategies to consider before year end.