The bulk of the things you could do reduce your tax bill for last year expired on Dec. 31. But not all of them. There are still a number of steps taxpayers can take to help reduce the bite on April 15.
div > div.group > p:first-child"> You can't deduct charitable contributions you make in 2019 from last year's income, nor can you deduct expenses against last year's income for medical procedures you get now. You can't give 2018 tax-free gifts to your heirs today or harvest losses on investments tomorrow to offset gains realized last year.
"It's one easy thing you can still do now to reduce your taxable income for last year," said Amy Wang, a senior manager of tax policy and advocacy for the American Institute of CPAs.Most families have no clue how tax changes impact themIf you don't participate in a workplace retirement plan, you can deduct up to $5,500 in IRA contributions and can add in another $1,000"catch-up" contribution if you're over age 50.
"As long as people make the new investment within six months of selling the other assets, there's no limit on how much they can invest," said Robert Spielman, a tax partner at New York-based accounting firm Marcum."They can do that now." While small-business owners can't make any investments now that would alter the size of the 2018 deduction they can take, they can take steps to lower their income to get under the $315,000 threshold.
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