sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« General »
 How income tax slabs have changed since Independence
 Budget 2019: This Budget could have some surprises in store
 Income Tax return processing time to reduce from 63 days to just 1 day
 Govt eases norms for start-ups seeking exemptions from 'angel tax'
 Maximise tax savings using health insurance for yourself and family
 FinMin considers steps to prevent composition dealers from charging GST from buyers
 Do-it-yourself online filers may need to ask for some help this tax season
 Do we need composition scheme in GST for real estate?
 Here's how you can claim tax benefit on a top-up home loan
 Year-end tax tips to get you ahead of the season
 Manual filing allowed for tax cut at lower/nil rate
 Income tax return filing: I-T dept allows manual filing by resident, NRI taxpayers
 You don’t have to pay tax while gifting house to your child; here is how
 RBI-Special Deposit Scheme (SDS)-1975 Payment of interest for calendar year 2018
 How senior citizens can avail tax break on interest income under Sec 80TTB a

Year-end tax tips to get you ahead of the season
December, 27th 2018

This year was the first under a new tax law which was the largest overhaul of tax codes in decades.

Experts say if you don't prepare for tax day, you could be in for a costly surprise.

So before the end of 2018, do some work now to avoid unpleasant tax shocks next year.

"A lot of people are wondering, ‘Am I going to owe money? Am I going to get money back?’” said Chris Burns, a financial planner and founder of the group “Dynamic Money.”

Advisers said it’s critical to invest your time in these year-end planning tips:

Increase contributions to your retirement plan: It may be too late to max out your 401K, but experts said it’s not too late for other savings accounts. "Any sort of individual retirement account, IRA or a Roth IRA, lets you make contributions for 2018 this year all the way until you file your taxes next year,” Burns said.

Give to charity: Aside from being generous, giving your money to good causes also gives you major tax benefits. The new tax bill doubled the standard deduction for single taxpayers to $12,000.

Calculate your tax liabilities: Experts said it’s too late to make any major changes to your paycheck withholding amounts. But you can estimate how much you’ll owe in taxes next year and adjust your allowances for 2019. "Do the work to know what you’re going to owe, so that you have the time and the space to think through, ‘What do I need to do to change that?’”

Organize your financial documents: This is the most tedious step, but it helps you file sooner. And filing early means getting that potential refund check quicker.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions