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Lower Your 2019 Taxes
February 12, 2020 | Freya Allen Shoffner, Esquire

Lower Your 2019 Taxes

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It isn't too late to reduce your 2019 tax bill. Below are three approaches you can take.

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Consider itemizing deductions. Many people are not itemizing since the Tax Cuts and Jobs Act was signed into law in December 2017 because of the higher standard deduction enacted. If it applies to you, itemizing deductions on your federal return can reduce your taxes if they amount to more than the standard deduction. The current standard deduction is $12,400 for single filers, $18,650 for heads of household, $24,800 married filing jointly, and $12,400 married filing separately.

If your standard deduction is less than your possible itemized deductions it might be advantageous to itemize. Common deductible expenses are local and property taxes, unreimbursed medical expenses, interest expenses for mortgages up to certain thresholds and home equity debt, and charitable contributions. Learn about specific requirements for the different deductions from your accountant or irs.gov.

Contribute to a traditional IRA. You can lower your taxable income and grow your retirement savings by contributing to a tax-deferred retirement account such as a traditional IRA. Depending on your income and eligibility, you have until April 15, 2020 to make a tax-deductible contribution for the 2019 tax year.

Fund a health savings account (HSA.) Contributions you make to an HSA before April 15, 2020 are tax-deductible and can grow tax-free to save for medical expenses. HSAs allow for tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

Review tax saving strategies with your accountant for tax advice and to find how you can most effectively save on your 2019 taxes.
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