2019 Taxes are Just around the Corner

October 22, 2019

 

 

The end of 2019 is fast approaching, and it is time to look at a few key things that effect your taxes before it is too late. Get prepared now to set yourself up for as painless as possible tax filing in the new year and possible tax savings.

 

Use Tax Saving Strategies to Your Advantage

 

There are many opportunities in tax-deferred investment strategies, charitable gifting, and tax advantaged investments. Make sure that you meet with two very important professionals before it is too late: Certified Public Accountant (of course) and your financial advisor. You may do well to sit down with a tax attorney or estate planning attorney as well. Keep in mind that much of the cost of consulting with these professionals is tax deductible itself.  These professionals can give you good advice as to what strategies you should continue using and which you should tweak or abandon altogether since the landscape of tax savings is shifting.

 

If you have a business or are selling a business soon, it is vital that you consult with business attorneys and estate planning attorneys. The advice of these people can literally save you hundreds of thousands in liability expenses and in realization of capital gains.

 

What to Do

 

Traditional year-end planning is still a must. You need to determine that you are taking advantages of losses to offset gains, that you are contributing sufficiently to Individual Retirement Accounts, 401(k)s, and other retirement accounts. Make sure you meet with a planner that can set the correct amount based on inflation, your retirement goals, and more. Also, if you are required to make sure you are taking your required minimum distributions, etc. Further, if you have a Health Savings Account, speak with a professional about maximizing the benefits associated with seeding money here as well.

 

Make sure your documentation is up to snuff. You need to gather all the documents that prove the deductions you will be claiming at tax time. Remember to gather property tax statements, and other expenses including, but not limited to: medical, dental, child care, education, moving, heating/cooling. Also, for business owners it is vital that you talk to your CPA to refresh your recollection about the paperwork that is required for the 199A deduction. It will be much easier to speak with your accountant or CPA when they are not in the thick of tax season and putting out fires every day.

 

If you would like to make an appointment with our office to do some tax-deductible planning, call us (951)304-3431

 

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© 2019 by The Ashcraft Firm

This is Attorney Advertising

 

Note: In accordance with Section 528(b)(2) of the United States Bankruptcy Code, readers of this message are advised that THE ASHCRAFT FIRM is a DEBT RELIEF AGENCY whose services may include helping people file for relief under the Bankruptcy Code.

 

IRS Circular 230 Disclosure: To ensure compliance with IRS's requirements, please be advised that any tax advice contained in this communication (including any attachments) is not intended or written to be used or relied upon, and cannot be used or relied upon, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.