Very significant tax legislation will likely pass Congress tomorrow. I have prepared a list of key things to do before year-end to minimize your taxes. Please note that failure to take advantage of these opportunities may result in loss of significant tax dollars. For example if you do not qualify to itemize in 2018 (90% of taxpayers won't) then losing the benefit available in 2017 will waste your hard earned money.
1. Pay your 2017 estimated state income and property taxes in full. Make your estimate high to avoid losing benefits.
2. Consider making some or all of your estimated charitable contributions expected for 2018 in 2017.
3. Clean out your garage and your closets. Make donations of clothing and household goods to Goodwill. Keep the receipt and a record of items donated and use the valuation guide at salvationarmyusa.org to value the donation.
4. Organize your tax documents in one file folder for 2017.
5. If you have a business on the cash basis, delay mailing bills until late December so that the payments won't be received until 2018.
6. Buy office supplies and equipment for your business.
7. Increase your 401k contributions to the maximum.
8. Donate appreciated stock to a charity.
9. Do a qualified direct contribution of your required minimum distribution from your retirement account to a charity.
10. Sell securities with losses to offset your capital gains.
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