- Year-end Tax Planning Strategy - Annual Gifts
- Though the gifts are not tax-deductible, for the tax year 2018, you are able to give $15,000 each to as many people as you want, without having to pay any gift tax.
- Tax deadlines for filing 1099-Misc, 1099-DIV, 1099-INT and 1099-R.
- You should start preparing your 1099 processing as early as possible. Save our infographic for reference.
- Holiday Gifts with Tax Benefits
- Some holiday gifts you provide to members of your family, employees and others may also yield tax benefits. Here are some examples:
- Make An Early Charity Donation to Save on Year-End Taxes
- If your itemized deductions are slightly less than the standard deduction, bunching your charitable donations may be enough so your itemized deductions will exceed the standard deduction this year.
- When To Claim a Disaster Loss
- Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially declared disaster areas this year. If you were an unlucky victim and suffered a loss as a result of a disaster, you may be able to recoup a portion of that loss through a tax deduction. If the casualty occurred When a within a federally declared disaster area, you can elect to claim the loss in one of two years: the tax year in which the loss occurred or the immediately preceding year.
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