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Ten Year-End Tax Strategies for 2018

Ten Year-End Tax Strategies for 2018

Tax Strategies to help you as we end 2018 1. Make a charitable donation. If you are thinking about donating to a charity or church, why not do it before the New Year? Money and items donated to a charitable organization in December will likely generate tax savings a year earlier than January donations as long as you itemized deductions. If you donate appreciated stocks held for longer than a year, you will receive a tax deduction while avoiding capital gains. 2. Clump similar expenses into the same year. The new 2018 standard deduction has increased to $24,000 (MFJ) and $12,000 (Single). Some taxpayers may benefit by clumping itemized deductions into one year. For example, if a married couple has $10,000 of mortgage interest, $4,000 of property taxes, $2,000 of sales tax and $7,000 of charitable contributions, they have $23,000 of itemized deductions, which falls just short of the $24,000 standard deduction. In this case, they would not reap a tax benefit for their charitable donations. If, instead of donating $7,000 to charity each year,
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Curious about alternatives to avoid paying taxes next year?

Curious about alternatives to avoid paying taxes next year?

Tax Tip Tuesday with PorterKinney CPA Firm in Richland, WA Curious about alternatives to avoid paying taxes next year? In today’s Tax Tip Tuesday 2-minute interview, CPA Chris Porter talks about payment options for paying the IRS. #TaxTipTuesday Consult with a local tax professional if you need additional help with your tax return. PorterKinney, PC 1100 Jadwin Ave, Suite #200 Richland, WA 99352 509-713-7300 info@porterkinney.com https://www.facebook.com/PorterKinneyPC

Tax Strategies for Investment

Tax Strategies for Investment

Tax Tip Tuesday with PorterKinney CPA Firm in Richland, WA Interested in helpful tax strategies for investments? Check out this 2-minute video featuring Chris Porter. #TaxTipTuesday Consult with a local tax professional if you need additional help with your 2017 tax return. PorterKinney, PC 1100 Jadwin Ave, Suite #200 Richland, WA 99352 509-713-7300 info@porterkinney.com https://www.facebook.com/PorterKinneyPC

How Long Should I Keep My Tax Records?

How Long Should I Keep My Tax Records?

Tax Tip Tuesday with PorterKinney CPA Firm in Richland, WA Curious about how long to keep your tax records? Check out this week’s 2-minute video featuring Monique Hauck. #TaxTipTuesday Consult with a local tax professional if you need additional help with your 2017 tax return. PorterKinney, PC 1100 Jadwin Ave, Suite #200 Richland, WA 99352 509-713-7300 info@porterkinney.com https://www.facebook.com/PorterKinneyPC

Disclaimer: While PorterKinney PC has made every attempt to ensure the accuracy of this document, it is not responsible for any errors or omissions, or for the results obtained from the use of the information in this presentation. This document been prepared for information purposes and general guidance only and does not constitute legal, accounting or other professional advice. Circular 230 Notice: The information included in this presentation is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of (1) avoiding tax-related penalties or (2) promoting, marketing, or recommending to another party any tax related matters.

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