Tips For Lowering Your 2019 Tax Bill

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Tips For Lowering Your 2019 Tax Bill
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• With the beginning of a new year, comes the
  perfect opportunity to begin to think
  strategically about your taxes, if you havent
  already. Here are a few points you might want to
  take into consideration when planning your taxes
• Decide whether you will take the standard
  deduction or itemize when filing
• There are 2 options available to tax payers when
  preparing their returns they can choose to
  itemize their deductions, or take the standard
  deduction provided by the IRS. The standard
  deduction rose to almost double in 2018, and this
  year it will rise again. These increases will
  make filers far less likely to itemize deductions
  on their returns.

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• If youre undecided about whether to itemize or
  not, you can always seek help from a professional
  tax service, who will give you unbiased guidance
  about every aspect of your tax return.
• Check your withholding
• The IRS strongly urged tax filers to update their
  tax withholding last year after the tax overhaul
  that recently took place, but few Americans did
  so. As a result, many tax filers will be unable
  to spread the cost of their taxes over the year
  or may end up paying too much to the IRS up
  front. Both scenarios could be avoided by the
  checking of withholdings and doing so simply
  makes financial sense for those filing.

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• To give yourself the time to make any adjustments
  should you need to, check your withholding now
  (at the beginning of a new year) and avoid any
  potential under or overpayments in the coming
  year.
• Is your first required minimum distribution due?
• Required minimum distributions, or RMDs, are
  something that every filer needs to be concerned
  about if they have retirement savings in a
  tax-advantaged plan that isnt a Roth IRA. Once
  you turn 70 and a 1/2, you will be required to
  begin removing a portion of your retirement
  account each year, as the IRS do not want the
  retirement savings of senior citizens to sit and
  flourish in a tax-advantage manner indefinitely.

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• RMDs are usually due before the 31st December
  every year, but if you turned 70 and a ½ last
  year, youll need to take your first one before
  the 1st April 2019. For more detailed guidance
  about RMDs, be sure to seek advice from a tax
  professional.
• Take a good, long look at your portfolio
• Many Americans will have seen some losses in
  recent weeks where their investments are
  concerned, and so the start of this new year
  would be a good time to evaluate your investment
  portfolio. Liquidating your holdings to incur
  actual losses is not something you should rush
  into doing, however, a few minor losses might
  benefit you early this year.

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• Losses can be used to offset gains, so throughout
  2019, if the market regains some stability and
  you can make money on other investments, youre
  then able to use your losses to offset those
  gains.
• Your overall goal for any year is naturally to
  pay as little in taxes as you legally can, and if
  you follow the above guidance and seek
  professional help with any other queries that you
  might have, then youll give yourself the best
  chance of keeping as much of your hard-earned
  money as possible this year.

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax service Coral Gables.
  If you are looking for individual tax preparation
  in Miami , Heyer Associates would be a right
  option.