You may be getting ready to prepay your property taxes like you’ve done every year to boost your itemized deductions. But this year, review your situation first to be sure this strategy will provide a tax benefit. The TCJA made two changes that affect it.
The income reduction from making catch-up contributions to your retirement plan might be especially beneficial in 2018 if you had significant itemized deductions in the past that now will be reduced or eliminated by the TCJA. Here’s what you need to know.
For certain charitably inclined taxpayers, donating appreciated stock to charity can be an excellent year-end tax planning strategy. This may be especially true if the stock is highly appreciated and you’d like to sell it but are worried about the tax liability.
With the TCJA’s near doubling of the standard deduction, making a direct charitable IRA rollover can be particularly powerful for taxpayers old enough to be eligible.
Donating artwork is a great way to share enjoyment of the work with others. But to maximize the tax benefit, too, you must plan your gift carefully and follow all the rules.
While it still feels like summer across most of the country, fall is almost here and students are returning to school. For many teachers, that also means the return of out-of-pocket classroom expenses. Fortunately, they can enjoy a tax deduction for some of these costs.
For those who enjoy gambling as a hobby, as a professional or only on occasion, be sure you understand the tax hand you’ve been dealt. The TCJA could make the consequences a little different from last year.
The availability of the cash method of accounting for tax purposes has been expanded by the TCJA. If your business is currently using the accrual method, it might be time for a change.
There still may be time to undo your 2017 Roth IRA conversion. But think twice before converting this year because you won’t have the same flexibility with a 2018 conversion.