February 24, 2018

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3 last-minute tax deductions you can still squeeze in this year

December 9, 2018

 How Americans feel about the Trump administration's tax overhaul continue to be mixed. In a recent poll, nearly half (46%) of Americans approve of the changes that rolled out with the 2017 Tax Cuts and Jobs Act, which isn't surprising considering only 64% said they haven't seen an increase in their take-home pay.


But in order to have seen an uptick in your take-home pay, you would've have had to adjust your withholdings. If you didn't take the initiative to do that then your paycheck would've stayed stayed the same.


At this point most taxpayers are still confused as to whether or not the returns they file in 2019 will benefit from the new tax laws. Once you actually file your 2018 tax returns, your views on the overhaul will definitely change depending on how you fare.


Those who don't end up with a smaller bill or bigger refund can use that information to determine a better withholding rate for next year. To help determine your rate, the Internal Revenue Service encourages you to do a "paycheck checkup" using the Withholding Calculator on IRS.gov.


In preparation to file your taxes, maximizing your deductions in these last few weeks of the year can do a lot to increase the refund check you can expect next year. To name just a few, I advise accelerating any medical expenses, as the rate for allowable medical care expenses with decrease, finalizing your divorce in 2018 to ensure you lock in tax deductible alimony payments, and maximizing your contributions into your retirement accounts. 


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