Believe it or not, Tax Day 2020 is just around the corner.
Many Americans are scrambling to find last-minute tax deductions before 2019 ends and tax season begins.
No need to worry — President Donald Trump's new tax law remains in full effect and offers dozens of legal loopholes and tax deductions.
Those are detailed in the runaway Amazon bestseller by Eva Rosenberg, "The Trump Tax Cut: Your Personal Guide to the New Tax Law."
Rosenberg, a noted tax expert and award-winning finance author, has penned the No. 1 bestseller about the Trump tax cut.
With easy-to-understand, step-by-step instructions on how you reap the tax law's substantial benefits, "The Trump Tax Cut" is a must read for every American taxpayer racing to meet the April 15 deadline. [IMPORTANT: "The Trump Tax Cut" is available at bookstores everywhere or you can get the FREE Offer – Click Here.]
In the meantime, we searched "The Trump Tax Cut" guidebook for ways to help jumpstart you on completing your 2019 taxes. Here are 16 sure-fire ways to make proactive decisions that can help Americans improve their finances and ensure their loved ones are provided for:
- Prepay real estate taxes on a residence to obtain a discount. By prepaying real estate taxes in 2019 that are otherwise due before the end of 2020, taxpayers can get a discount on their 2019 taxes.
- Protect your gains from taxes by leveraging your losses. Review your investment portfolio before the end of the year to see what long-term capital gains dividend distributions are. One way to protect your gains is by selling selected losing investments in your portfolio now.
- If you go green, don't forget to save green. Taxpayers who upgraded their homes to make use of solar or other types of renewable energy in 2019 may be eligible for a tax credit of 30% to offset some of the costs.
- Pull the trigger on those much-needed home business purchases. Many taxpayers have side gigs and must pay both income and self-employment tax on those net profits. So, if you have expenses related to your business that need to be paid, do it before the end of December to offset any current taxable income.
- Check your withholdings. Last year, many Americans were surprised to learn they had not withheld enough from their paychecks during 2018. Check your tax withholdings regularly. If you feel more or less tax should be withheld, contact the payroll or human resources office at your employer.
- Start saving early for education with 529 education-savings contributions. With more options available for using 529 plans, taxpayers may consider contributing additional funds to existing accounts or setting up new 529 plans. Although contributions are not eligible for a federal income tax deduction, many states offer state income tax deductions.
- Bunch charitable contributions. For taxpayers planning to utilize the standard deduction instead of itemizing, consider bunching your charitable contributions into alternate years if it will allow you to take the standard deduction one year and itemize an amount that exceeds the standard deduction the next.
- Donate your required minimum distribution strategically. Taxpayers age 70.5 or older who need to withdraw their required minimum distribution from their IRA may consider utilizing a Qualified Charitable Distribution (QCD) of up to $100,000 to one or more qualified charitable organizations. It also allows for a reduced amount of income in computing the amount of Medicare Part B premiums.
- Max out that health savings account. One way to lower your taxes is to put the maximum allowed into your HSA (generally $3,500 for individual coverage or $7,000 for family) even if you haven't gotten there yet through your payroll deductions. You have until the April filing deadline to make a direct deposit to your HSA.
- Maximize employer 401(k) match opportunities. If your employer offers a 401(k) match, whenever possible, find out what the limit is and then contribute at least the amount required to get the maximum match. The result is that you will have free pre-tax employer contributions at the end of the year.
- Maximize Roth opportunities. Don't overlook the opportunity to fully utilize the power of Roth to build family wealth by making all allowable contributions for family members with earned income, including kids, grandkids, and even parents. Starting a Roth account as young as possible allows for many years of tax-free growth.
- Prepay to save on your child's camps. The cost of childcare for certain taxpayers can result in a childcare tax credit. If you qualify, don't forget to include the cost of summer or winter camps if they are day camps and are used so the parents can attend work or school.
- Gift to heirs today to reduce future estate tax. The end of the year is a great time to make annual exclusion gifts. For those looking to reduce their estate tax exposure, individuals can give up to $15,000 to an unlimited number of beneficiaries per year without decreasing their lifetime estate tax exclusion amount or paying a gift tax."
- Plan for today, tomorrow, and beyond with multi-year tax projections. Tax projections should be prepared for the current year and at least one additional year. This allows you to make decisions about when to time and plan income in order to maximize opportunities like the qualified business income deduction or the qualified opportunity zone program.
- Consider a Roth IRA conversion. Converting assets from a traditional to a Roth IRA creates tax-free income in retirement or for future generations. With lower marginal tax rates in place, this provides an opportunity for taxpayers to convert all — or a portion of — their traditional IRAs today.
- Self-employed? Why not establish a retirement plan for yourself and your employees? If you are self-employed and find yourself with some extra cash this year or are just interested in setting money aside for yourself or your staff, an Enrolled Agent or CPA and a Certified Financial Planner about your options right away.
In addition, Rosenberg's "Trump Tax Cut" guidebook details dozens of additional ways American workers and retirees can use the Trump tax law to add thousands of dollars to their nest egg over time.
This book includes dozens of hidden medical, educational, home, and small business deductions.
And it includes details on the "Trump Loophole," a little known legal way to reduce your tax rates by 20% immediately — just by changing your job status. "The Trump Tax Cut" shows you how to do it.
This groundbreaking book explains — in plain English — how it is entirely possible to pay zero dollars in taxes this year and even next year.
In "The Trump Tax Cut," Rosenberg explains hidden deductions and tax savings you and your own tax pro may not know about.
Note: Get "The Trump Tax Cut" at bookstores everywhere or check out the FREE Offer for this book – Click Here Now.
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