15 Year-end Tax Tips
At the end of each year there are a number of things to consider that may have a positive impact on your tax obligation. Here is a list of fifteen ideas that may be worth a quick review.
- Make last minute charitable donations
- Review and maximize use of the $14,000 annual gift giving limit
- Review your investment portfolio for capital gain and loss planning
- Use your annual $3,000 net capital loss limit if appropriate
- Maximize the kiddie tax threshold rules ($2,000 of unearned income taxed at your child’s lower tax rate)
- Consider fully funding retirement account contributions
- Identify any potential tax forms required for household employees
- Consider donating appreciated stock owned one year or longer
- Review retirement accounts for any required minimum distributions (RMD) if over the age of 70 ½
- Review medical and dependent care funding accounts to ensure you do not lose contributions that do not rollover into the new year
- Consider retirement plan rollover options into Roth IRAs
- Estimate your tax liability and make any final estimated tax payments
- Create a list of expected 1099 and other tax forms you will be receiving
- Review your W-2 withholdings and file any changes with your employer for the upcoming year
- Begin organizing your tax records
Should you have any questions on these ideas ask for help prior to taking action. In many cases, the requirements and documentation needed are important to ensure you receive the full tax savings benefit.
DiSabatino CPA
Michael DiSabatino
651 Via Alondra Suite 715
Camarillo, CA 93012
Phone: 805-389-7300
ww.sharpcpa.com
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