Tax deductions

Designating charities as a beneficiary of their retirement accounts is one strategy that can enhance their tax savings.

Although the federal penalty was axed for those who failed to register for a plan, some states will continue to impose the coverage mandates.

To help individuals and businesses prepare for filing season, Grant Thornton has released a collection of year-end tax tips.

Clients who have yet to make withholding adjustments to cover their tax liability still have time to avoid the extra burden.

Clients who own a business may be eligible for a 20% deduction as a result of tax overhaul. For those who don’t qualify, there are other savvy strategies

Funding a Roth account, for example, may not offer upfront tax deductions, but withdrawals are tax-free.

High-deductible plans open the door to tax breaks for high-income investors, an expert says.

Clients should consider paying more deductible expenses before year-end if their total itemizable deductions will be close to their standard deduction amount.

Despite raised thresholds, advisors can still find big itemization opportunities if they know where to look.

Clients often underutilize deductions for work-related technology purchases and travel expenses.

Overall donations to charity organizations fell by 1.7%, while total individual giving decreased by 1.1%, the first drop since 2013.

Despite changes in the new law aimed at scrapping a penalty for most new couples, those from high-income households may owe more this year.

There are still several moves that clients can make to reduce their 2018 tax bill.

A higher standard deduction makes itemizing deductions less valuable.

Changing filing statuses and maxing out deductible contributions to IRAs and HSAs are some ways clients received bigger reimbursements.

Those who fail to repay their loans on time may face early withdrawal penalties.

Modifications should be made as soon as they determine their liability for 2018 and the impact of the new law on their returns, an expert says.

Working parents who paid for day care, summer camp or a babysitter on the books are advised to take advantage of this break.

Donating complex assets is one option clients may consider when itemizing deductions on their 2018 returns, an expert says.

With two months left in 2018, clients can still take advantage of these tax hacks.