It’s a good idea for taxpayers to be proactive with their year-end tax and financial decisions, as doing so could minimize their tax bill.
This means understanding how the tax overhaul will affect their tax return in the 2019 tax filing season, which will be the second one since the new law came into effect. Taxpayers may still be confused because some changes took effect only in January this year.
TaxAudit, an audit defense service for taxpaying individuals and small businesses, issued eleventh-hour tips on Tuesday to inform taxpayers about the changes in the tax code and suggest strategies to potentially save money on their taxes.
“Despite the end of the year quickly approaching, taxpayers still have time before Dec. 31 to make certain moves that could help lower their tax bill,” David Du Val, TaxAudit’s chief customer advocacy officer, said in a statement.
“And, as always, taxpayers should remember to check with their tax professional about their individual tax situation.”
TaxAudit noted that its tips are only a short list of moves taxpayers should make before the end of 2019. IRS.gov provides comprehensive information about qualifying deductions, exemptions and more that may help to reduce one’s tax burden.
Check out the gallery for the last-minute tax tips and strategies for the 2019 filing season compiled by TaxAudit.
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