While 2018 is almost up, there are a few tax moves worth considering:
• Make last-minute donations to your favorite charities to maximize your itemized deductions. Clean out your closets and storage rooms and make a donation of tangible items still in great shape that someone else could make use of. Make a detailed list of what you are donating and take photos so you have good records of what was donated. Get a receipt from the organization
• Consider contributions of up to $100,000 from retirement accounts to qualified charities if you are over 70½. For more complicated situations, obviously, but a great idea if you have the tax deferred retirement savings to donate.
• Look to make tax-efficient withdrawals from your retirement accounts if you are over 59½.
Avoid a rocky tax-filing experience by reviewing your current situation and maximizing your tax savings.
