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2019 Year-End Tax Planning for Individuals

Paying your individual income taxes likely represents one of the largest outlays of the year, but it also offers an opportunity for significant savings. Whether you have paid individual income taxes through employer withholding or quarterly estimates, thoughtful planning before the calendar turns to 2020 can reduce your total tax liability and help retain more of your earnings.

The sooner you start the conversation around tax planning, the more time you’ll have to carefully consider all applicable factors. This process requires a projection of your estimated income, deductions and tax liability for both 2019 and 2020 to determine your anticipated marginal tax rate. You should determine the extent to which you can control the timing of income and deductions, and then optimize your planning for the lowest overall tax in both 2019 and 2020. Important considerations include charitable gifts, capital losses, retirement contributions, potential gifts to children or grandchildren, and using trusts.

With numerous changes to the federal tax code, our 2019 Year-End Tax Planning for Individuals Whitepaper can help identify specific opportunities to reduce or defer your annual tax obligation.

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To discuss your individual tax situation, reach out to MFA’s Tax Team.

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