Year End Tax Planning – Part 1

End of year tax planning time is upon us. Don’t waste what could be a very favorable position for you by overlooking strategies.

Let’s say you have the bulk of your portfolio is in IRAs or 401ks and you’re a W-2 employee. Not much you can do from a tax perspective, right???

WRONG!!! THere is lots you can do.

First thing is to see what your TAXABLE INCOME will be for year end. How do you do this? By looking at last years 1040. Has anything major changed? if not, you know what your Taxable Income will be.

Are you married filing jointly with a salary of $75k. Then your taxable income will probably be around $55k or so, maybe even less. That means you have $20k you can work with before you’re in the next tax bracket. Why would you NOT take advantage of this?

Don’t wait for your tax guy to tell you what to do. Take proactive measures..NOW! Before 31December. After that, it’s too late for any 2018 planning.


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