End of the year tax tips from tax professionals - The CW San Diego - News 8

End of the year tax tips from tax professionals

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SAN DIEGO (NEWS 8) - Christmas has passed and now 2019 is in our sights. That means that tax season will be here before we know it. 
Most people don’t know there are things you should be doing before the end of the year to help you when it comes to maximizing your refund. 
Senior Tax Analyst, Ryan Sims gives 6 tax tips that everyone should look at before the end of the year. 

         1. Don’t wait until 2019 to look at your taxes – do your homework now and get help. See a tax professional that can help plan a good strategy for 2018                    and beyond.
         2. Plan your taxes/deductions around the new tax limitations on Mortgage Interest and Property Taxes.
         3. Work with your financial advisor to see if loss harvesting makes sense for your tax situation. This strategy can save you a substantial amount of                          money on capital gains tax.
         4. Work with your financial advisor and tax professional to make sure you are contributing the maximum amount into your 401(k) and IRAs – These                        contributions reduce your taxable income – which in turn lowers your tax bill.
         5. Proactively seek the help of a tax professional in order to plan your taxes – so as to minimize the heartache, pain, and elements of surprise                                associated with doing your taxes
         6. Do not assume that you can or cannot itemize just because new tax laws have been enacted – Do your homework and/or Seek help from a tax                          professional to help you get it sorted out.

Ryan Sims stopped by Morning Extra to expand on the tips that he gave. 

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