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Make These Tax Moves for 2019 Before It’s Too Late
Source:
wsj.com
- Nov 6, 2019
It’s Year Two following the massive tax overhaul of 2017. For Americans who are still getting used to the new rules, it’s important to sort things out before the year ends.
“People are confused about their withholding and refunds, and whether they need to save receipts to prove itemized deductions—plus other things,” says Terry Durkin, an enrolled agent in Burlington, Mass., who prepares over 300 tax returns a year.
Most filers must pay 90% of their income and self-employment taxes by year-end or soon after, or else face penalties. The IRS forgave these penalties for many people for 2018, but it won’t for 2019.
There are few ways to cut a 2019 tax bill after Dec. 31, so now is the time to make moves that will lower your tax bill in April.
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Category: General Business
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