- Sell stocks with losses now before the rest of people start year end selling and drive the prices down. You have to wait 31 days to buy the stock back if you like the investment. (Wash sale rules)
- Pay medical expenses when it is only 7.5% AGI rather than 2019 when it is 10%.
- Calculate where your income stands compared to last year and did you receive a refund or did you owe. Using that as a comparison will give you a feel for where you stand this year.
- Review where your income is this year and whether you will have to pay AMT – alternative minimum tax, the new law increases the amount at which the tax ticks in to $191,500 for marrieds and $95,750 for everyone else.
- Boost contributions to your 401k deductible or other retirement plan to reduce your income.
Contact us today to learn more about how we can work together on your next project.
609 Farmington Ave #201
Hartford, Connecticut 06105
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During Tax Season
8:00 AM - 8:00 PM
9:00 AM - 3:00 PM