As 2018 draws to a close, now is the ideal time to take advantage of the tax strategies and tax-deferred growth opportunities in your charitable-giving and year-end tax planning as well as to revisit your estate plan to ensure it incorporates the latest changes to tax law. Tackling your year-end giving plan, navigating your investment portfolio, clarifying your economic profile, and understanding current tax law on your own can be daunting. An experienced attorney can help you maximize your financial picture, make appropriate contributions to your IRA (Individual Retirement Account), HSA (Health Savings Account), and define losses that offset your gains.
Recent tax code changes make it more crucial than ever to make strategic decisions in regard to your year-end financial moves. Some – but not all – additional year-end planning considerations you might need to consider based on your personal financial profile include, retirement plan contributions (like 401k, 403b, and 457 plans), philanthropic contributions, college savings contributions (like 529 plans), and deciding between traditional and Roth IRA plans.
Get started by compiling your financial documents for your team of advisors (CPA, financial planner, attorney, etc.). Everyone should include documentation like bank statements, financial paperwork relevant to child care, medical and dental expenses, charitable contributions, property taxes, and education costs. Additionally, due to the new 199A deduction, business owners should also include additional relevant documentation. Your attorney will tell you what documents and forms you need. Taxpayers over the age of 70.5 can minimize their income tax from RMDs (required minimum distributions) from IRA accounts by making year-end charitable contributions.
One of the most important contributions you can make to your year-end tax planning is the team you build to manage it. An accountant and tax law experts are vital members of your team. At Grissom Law, LLC, we work as a part of your team to make year-end tax planning easy to understand. Contact our attorneys today to take advantage of the tax laws that became effective in 2018. Those laws may significantly change the way your taxes look this year. Our attorneys have the knowledge and skill to successfully guide your choices and outcomes. Contact us today and get the professional help you need.
Disclaimer
This Blog/Web Site is made available for educational purposes only. In addition, it is available to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.