Sixteen Year-End Financial Planning Tips

As 2019 comes to an end, so does the window of opportunity to take advantage of certain tax and financial planning strategies. To help advisors and their clients be best positioned come Tax Day 2020, CPA financial planners with the American Institute of CPAs (AICPA)—the world’s largest member association representing the CPA profession—offer the following 2019 year-end tips. These 16 tips can help your clients improve their financial situations, support the lives they want to live and ensure their loved ones are provided for.

1. Prepay Taxes on a Residence Deadline: December 31, 2019

“In the past, prepaying real estate taxes could trigger the alternative minimum tax (AMT), but with a generous AMT exemption and a cap on deducting state and local taxes, AMT concerns are minimal. By prepaying real estate taxes in 2019 that are otherwise due before the end of 2020, taxpayers can get a discount on the 2019 taxes.” – Sidney Kess, CPA member of the AICPA Personal Financial Planning (PFP) Executive Committee

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