2021 Year-End Tax Planning Moves To Make Now Via ForbesAdvisor
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.Now is the time to take advantage of year-end moves to cut your tax bill before it is too late.
It’s important to check your tax withholdings, especially if you had major employment or life changes, such as an increase to your income, a change in your marital status, arrival of a new child or purchase of a home. Checking your tax withholdings can help you see if you have the right amount of taxes taken out of your paycheck.
A standard deduction is a flat amount by which the IRS allows you to reduce your tax bill based on yourAs a result of the Tax Cuts and Jobs Act of 2018, which nearly doubled the standard deduction amounts, more taxpayers are using the standard deduction. According to the Tax Foundation, only 13.7% of taxpayers itemized their deductions for tax year 2019, compared to 31.1% under the previous TCJA tax law.
With the last paycheck of the year coming soon, you need to act now. Typically, you would contact your employer’s human resource department to increase your retirement contributions. It is important to know how much you contributed this year to ensure you have yet to meet the contribution limit.A flexible spending account is a type of savings account with tax advantages: it lets you pay for qualified out-of-pocket expenses related to healthcare and dependent care costs with pre-tax money.
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