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Top 8 Year-End Tax Tips
Best strategy for turbo options video before December 31 to increase your tax breaks Whether you are having a good year, rebounding from recent losses, or still struggling to get off the ground, you may be able to save a bundle on your taxes if you make the right moves before the end of the year.
Defer your income Income is taxed in the year it is received—but why pay tax today if you can pay it tomorrow instead?
It's tough for employees to postpone wage and salary income, but you may intraday trading signals able to defer a year-end bonus into next year—as long as it is standard practice in your company to pay year-end bonuses the following year.
If you are self-employed or do freelance or consulting work, you have more leeway.
Delaying billings until late December, for example, can ensure that you won't receive payment until the next year. Whether you are employed or self-employed, you can also defer income by taking capital gains in instead of in Of course, it only makes sense to defer income if you think you will be in the same or a lower tax bracket next year.
You don't want to be hit with a bigger tax bill next year if additional income could push you into a higher tax bracket. If that's likely, you may want to accelerate income into so you can pay tax on it in a lower bracket sooner, rather than in a higher bracket later.
Take some last-minute tax deductions Just as you may want to defer income into next year, you may want to lower your tax bill by accelerating deductions this year.
For example, contributing to charity is a great way to get a deduction. And you control the timing.
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You can supercharge the tax benefits of your generosity by donating appreciated stock or property rather than cash. You must have a receipt to back up any contribution, regardless of the amount.
But speeding up deductions could be a blunder if you're subject to the alternative minimum tax, as discussed below. TurboTax will figure it out for you based on your answers to simple questions about your deductible expenses. If you're on the itemize-or-not borderline, your year-end strategy should focus on bunching.
This is the practice of timing expenses to produce lean and fat years. In one year, you cram in as many deductible expenses as possible, using the tactics outlined above.
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The goal is to surpass the standard-deduction amount and claim a larger write-off. In alternating years, you skimp on deductible expenses to hold them below the standard deduction amount because you get credit for the full standard deduction regardless of how much you actually spend.
In the lean years, year-end planning stresses pushing as many deductible expenses as possible into the following year when they'll have more value. Beware of the Alternative Minimum Tax Sometimes accelerating tax deductions can cost you money… if you're already in the alternative minimum tax AMT or if you inadvertently trigger it.
Originally designed to make sure wealthy people could not use legal deductions to drive down their tax bill, the AMT is now increasingly affecting the middle class. The AMT is figured separately from your regular tax liability and with different rules.
You have to pay whichever tax bill is higher. This is a year-end issue because certain expenses that are deductible under the regular rules—and therefore candidates for accelerated payments—are not deductible under the AMT.
State and local income taxes and property taxes, for example, are not deductible under the AMT. You can then use those losses to offset any taxable gains you have realized during the year.
Losses offset gains dollar for dollar. You can carry over losses year after year for as long as you live.
Contribute the maximum to retirement accounts There may be no better investment than tax-deferred retirement accounts.
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They can grow to a substantial sum because they compound over time free of taxes. Company-sponsored k plans may be the best deal because employers often match contributions.
Also consider contributing to an IRA. You usually have until the April 15 filing deadline to make IRA contributions, but the sooner you get your money into the account, the sooner it has the potential to start to grow tax-deferred. Making deductible contributions also reduces your taxable income for the year.
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Use our IRA Calculator to see how much you can contribute. These plans must be established by December 31 but contributions may still be made until the tax filing deadline including extensions for your return. The amount you can contribute depends on the type of Keogh plan you choose.
Avoid the kiddie tax Congress created the "kiddie tax" rules to prevent families from shifting the tax bill on investment income from Mom and Dad's high tax bracket to junior's low bracket. If the child is a full-time student who provides less than half of his or her support, the tax usually applies until the year the child turns age So be careful if you plan to give a child stock to sell to pay college expenses.
However, minimum distribution requirements have been suspended for After that, annual withdrawals must be made by December 31 to avoid the penalty. When you make withdrawals, consider asking your IRA custodian to withhold tax from the payment. Withholding is voluntary, and you set the amount, but opting for withholding lets you avoid the hassle of making quarterly estimated tax payments.
Important note: One of the advantages of Roth IRAs is that the original owner is never required to withdraw money from the accounts. The required minimum distributions apply to traditional IRAs.
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Watch your flexible spending accounts Flexible spending accountsalso called flex plans, are fringe benefits which many companies offer that let employees steer part of their pay into a special account which can then be tapped to pay child care or medical bills.
The advantage is that money that goes into the account avoids both income and Social Security taxes. The catch is the notorious "use it or lose it" rule.
You have to decide at the beginning of the year how much to contribute to the plan and, if you don't use it all by the end of the year, you forfeit the excess. With year-end approaching, check to see if your employer has adopted a grace period permitted by the IRS, allowing employees to spend set-aside money as late as March 15, If not, you can do what employees have always done and make a last-minute trip to the drug store, dentist or optometrist to use up the funds in your account.
Get every deduction you deserve TurboTax Deluxe searches more than tax deductions and credits so you get your maximum refund, guaranteed.