Tax Tips for Savings

January 23, 2020 by OSYB Staff

Vinay Navani, of Merrill, shares some ideas and questions for you to ask your tax professional and possibly save some money on your taxes this year:

• Is itemizing still the best way for you? In 2019, standard deduction rose to $24,400 for married couples filing jointly and $12,200 for single filers, while itemized deductions have new limits.
• Always, consider increasing your contributions to your retirement plan to the maximum amount.
• Think about converting your traditional IRA to a Roth IRA and talk to your tax professional about your circumstances.
• Always use stock losses to offset capital gains.
• Cover your healthcare expenses judiciously and look into both of the health savings accounts, FSA and HSA.
• Fund a 529 education savings plan and give a tax-free gift to a beneficiary of any age.
• Donate to your favorite charity or family as charitable gifts are still tax-deductible but only if you itemize your deductions.

As always, consult with your tax professional.

For full article:  8 Tax Tips That Could Save You Money This Year
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