Pro tips for cutting tax bills in the final weeks of 2019
Republicans pledged that their 2017 tax overhaul would eliminate loopholes and make filing taxes as simple as filing out a postcard. That hasn’t exactly panned out, but there are still several ways to minimize 2019 tax bills before the end of the year.
Financial advisors have had two full years to analyze how all the changes contained in the tax overhaul affect their clients. Tax professionals have found a slew of ways to reduce their taxable income and take full advantage of new tax breaks to keep payments to the IRS as low as possible.
The main goal of any year-end strategy is to increase the number of tax credits and deductions clients can claim, while lowering the amount of income that is subject to tax. Here are some last-minute strategies to cut your clients' tax bills that will come due in April.