Tax Tips for the End of the Year
As 2019 comes to a close, so does the tax year. With a month left in the year, there are still some moves you can make to decrease your tax liability come spring. Deferring Income You will owe taxes on the income you receive in 2019, though in many cases, it might be possible to put off income until after the New Year. Even if you earned income in 2019, you will not pay taxes on it this year if you do not receive the funds until 2020. Deferring year-end bonuses, commissions, or other earnings until January can decrease your liability for 2019. Accelerate Deductions As you defer income, you also might seek possible last-minute deductions to lower your bill even further. Some possible deductions might include: Charitable contributionsPaying estimated…