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Happy New (Tax) Year: Year End Ways You Can Save On Your Taxes

Personal Insights

With 2019 winding down, there’s plenty to prepare for heading into 2020. From finishing holiday shopping to figuring out how you’re going to spend New Year’s Eve, there’s plenty of get lined up. But while there’s plenty to be excited about, there’s a lot of serious business to get down to, including taxes.

Now is the perfect time to make some easy tax moves to help lower your tax bill and possibly increase your tax refund when you get everything filed away. Here are some quick and easy steps you can take to help you get your finances in order and save on your taxes.

Accelerate Deductions

There are many different tax deductions that are recognized in the year in which you pay. For homeowners, you can get a mortgage interest deduction, and if you make an extra payment toward your mortgage on December 31, you might be able to claim additional interest paid as a deduction in the tax year paid. What this does is let you take the tax deduction right away instead of waiting 12 months when you take care of your taxes for next year.

Be Charitable

While donating to charity is something you can do any day, any time of year, the end of the year is a great time to be more charitable and get the benefits of a tax deduction in the process. Tax deductions for non-cash and monetary donations given to a qualified charity can be itemized in your tax process. If you volunteer time instead of items, you can still itemize your mileage spent driving to and from the location and receive a deduction.

Use Your FSA

If you have a FSA (flexible spending account) and money is left over, make sure to head to the doctor’s. You may not be able to carry over $500-worth of unused money left in your current year’s FSA account by 2020. What’s more, your plan may also limit the time frame you’re able to use your funds to a certain time limit after the end of the year.

W-4 Adjustments

If you did not have the tax outcome you thought you were going to have in 2018 because of any tax law changes, or you experienced life events such as becoming a parent or getting a new job, now is the perfect time to adjust the amount of taxes withheld from your regular paycheck. You can do this by changing the withholding amount on your W-4 and refiling the form with your place of business.

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