{"id":9898,"date":"2019-02-28T08:37:02","date_gmt":"2019-02-28T16:37:02","guid":{"rendered":"http:\/\/canary.kcprod.info/blog\/?p=9898"},"modified":"2022-01-11T17:12:23","modified_gmt":"2022-01-12T01:12:23","slug":"tax-time-guide-5-things-you-must-do-before-filing-your-taxes","status":"publish","type":"post","link":"https:\/\/canary.kcprod.info/blog\/tax-time-guide-5-things-you-must-do-before-filing-your-taxes\/","title":{"rendered":"Tax Time Guide: 5 Easy Things You Must Do Before Filing Your Taxes This Year"},"content":{"rendered":"<p>Feeling ready to swing into tax season? Is anyone ever ready? Take a breath \u2014 we\u2019ve got you covered.<\/p>\n<p>First things first: Make sure you\u2019ve read <a href=\"https:\/\/canary.kcprod.info/blog\/tax-time-guide-get-read-tax-season-today\/\" target=\"_blank\" rel=\"noopener noreferrer\">part 1 of our Tax Time Guide<\/a>, which discusses everything from documents and dates to filing and payment methods. (It even has a <a href=\"https:\/\/turbotax.intuit.com\/microsite\/home.htm?priorityCode=5608400000&amp;cid=all_wealth_aff_5608400000\" target=\"_blank\" rel=\"noopener noreferrer\">discount code<\/a> for $15\u2013$20 off TurboTax!)<\/p>\n<p>Alright, everyone ready to power forward? Not at all? Wishing you could be kids again and not pay taxes? Cool, let\u2019s go. Digging into the hard details of your taxes may not be as fun as, say, that upcoming ski trip to Tahoe \u2014 but it is important. Plus, learning about what deductions and credits are available to you could save you a serious amount of money, and that\u2019s never something to be bummed about.<\/p>\n<p>Follow these five simple (eh, we tried at least) steps to optimize your tax return.<\/p>\n<h2>1. Get to know the new tax bill<\/h2>\n<p>The <a href=\"https:\/\/canary.kcprod.info/blog\/tax-cuts-jobs-act-need-know\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tax Cuts and Jobs Act<\/a> went into effect on January 1, 2018 \u2014 here are some of the major changes that might affect you.<\/p>\n<ul>\n<li><strong>Standard deductions nearly doubled<\/strong>, jumping from $6,350 to $12,000 for single filers, and from $12,700 to $24,000 for joint married filers. Translation: If you have less than $12,000 in deductions, you won\u2019t have to itemize!<\/li>\n<li><strong>State and local tax (SALT) deductions are now limited to $10,000<\/strong>. This will hit you hardest if you live in a high-tax state like California, New York, or New Jersey.<\/li>\n<li><strong>The mortgage interest deduction is now capped at $750,000<\/strong>. Luckily, if you purchased your house before November 2017, you\u2019re grandfathered in at the former limit of $1 million. (If you <a href=\"https:\/\/canary.kcprod.info/blog\/value-mortgage-refinancing\/\" target=\"_blank\" rel=\"noopener noreferrer\">refinance your house<\/a>, however, you\u2019ll lose that privilege.)<\/li>\n<li><strong>The estate and gift tax exemption doubled to $11 million<\/strong>. Unless you\u2019re giving away lots of money right now, you probably don\u2019t need to worry about this.<\/li>\n<li><strong>The use of 529 plans expanded<\/strong>. You can now use $10,000 per year toward your children\u2019s elementary and secondary education. <a href=\"https:\/\/www.wealthfront.com\/college\" target=\"_blank\" rel=\"noopener noreferrer\">Read more about 529 plans here<\/a>.<\/li>\n<\/ul>\n<p>Everyone still with us? Awesome. So, the tax brackets are different this year, too. The range of each bracket has expanded, and overall tax rates decreased. Find your new federal income tax rate in the chart below.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-9929\" src=\"https:\/\/canary.kcprod.info/blog\/wp-content\/uploads\/2019\/02\/TaxTimePost2_Chart1-640x437.png\" alt=\"Federal income tax rate\" width=\"640\" height=\"437\" srcset=\"https:\/\/canary.kcprod.info/blog\/wp-content\/uploads\/2019\/02\/TaxTimePost2_Chart1-640x437.png 640w, https:\/\/canary.kcprod.info/blog\/wp-content\/uploads\/2019\/02\/TaxTimePost2_Chart1-776x530.png 776w, https:\/\/canary.kcprod.info/blog\/wp-content\/uploads\/2019\/02\/TaxTimePost2_Chart1-768x525.png 768w, https:\/\/canary.kcprod.info/blog\/wp-content\/uploads\/2019\/02\/TaxTimePost2_Chart1-1536x1050.png 1536w, https:\/\/canary.kcprod.info/blog\/wp-content\/uploads\/2019\/02\/TaxTimePost2_Chart1.png 2031w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<h2>2. Reflect on the past year<\/h2>\n<p>Think back on 2018: What happened? Did you go through any major life changes that might alter your tax bill?<\/p>\n<p>And no, though adopting a dog certainly counts as a major life event, it doesn\u2019t really affect your taxes \u2014 but a lot of situations do:<\/p>\n<p>In 2018, did you&#8230;<\/p>\n<ul>\n<li><strong>Buy a house:<\/strong> While new homeownership comes with a landslide of costs, you can make the blow slightly more bearable by taking advantage of deductions for mortgage interest (on mortgages up to $750,000) and property taxes (part of your SALT burden; limited to $10,000 per year).<\/li>\n<li><strong><a href=\"https:\/\/canary.kcprod.info/blog\/saving-for-college-how-to-choose-529-account\/\" target=\"_blank\" rel=\"noopener noreferrer\">Have a baby<\/a>:<\/strong> Congrats! In addition to your bundle of joy, you\u2019ll probably get a $2,000 refundable tax credit. (That starts phasing out when your income is above $400,000 for married joint filers.) You could also get tax credits for child care. And don\u2019t forget to fill out a new W-4 with your employer, as you have an additional withholding allowance.<\/li>\n<li><strong>Get hitched:<\/strong> If you\u2019re newly married, you\u2019ll have to decide whether to file separately or jointly. While it usually makes financial sense to file jointly, one common reason for filing separately is if one of you has an income-based student loan. In that case, filing separately will prevent your payment from spiking with your new spouse\u2019s income added in.<\/li>\n<\/ul>\n<h2>3. Decide whether you\u2019ll itemize<\/h2>\n<p>An easy figure to file away in your brain: The \u201cstandard deduction\u201d is now $12,000 for single filers. That means every person can automatically deduct $12,000 from their taxable income.<\/p>\n<p>If you choose to <a href=\"https:\/\/www.irs.gov\/newsroom\/tax-reform-affects-if-and-how-taxpayers-itemize-their-deductions\">\u201citemize\u201d your deductions<\/a> instead, you\u2019ll use form <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1040sa.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Schedule A (Form 1040)<\/a> to tally up your charitable contributions, mortgage interest payments, medical bills, educational expenses, state and local taxes, investment fees, etc. The total is what you\u2019ll deduct from your taxes.<\/p>\n<p>Since you can\u2019t itemize and take the standard deduction, itemizing usually only makes sense if you have more than $12,000 to deduct. (Note: If your spouse itemizes, you can\u2019t take the standard deduction, even if you\u2019re filing separately.)<\/p>\n<p>If you choose to take the standard deduction, that doesn\u2019t mean all other deductions are off limits. You can still take \u201cabove-the-line deductions,\u201d which reduce your adjusted gross income (AGI) even if you don\u2019t itemize.<\/p>\n<p>These include IRA contributions, health savings account (HSA) deductions, student loan interest payments, and <span style=\"font-weight: 400;\">unreimbursed<\/span> moving expenses for a job.<\/p>\n<p>Here are a few deductions and credits everyone should be aware of:<\/p>\n<ul>\n<li><strong>Renewable energy tax credits:<\/strong> Being green can also get you green. You could receive a <a href=\"https:\/\/www.irs.gov\/newsroom\/energy-incentives-for-individuals-residential-property-updated-questions-and-answers\" target=\"_blank\" rel=\"noopener noreferrer\">10% tax credit<\/a> for energy-efficient home improvements, a <a href=\"https:\/\/www.energy.gov\/savings\/residential-renewable-energy-tax-credit\" target=\"_blank\" rel=\"noopener noreferrer\">30% tax credit<\/a> for installing renewable energy sources, or $2,500 to $7,500 for purchasing an electric vehicle.<\/li>\n<li><strong><a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-savings-contributions-savers-credit\" target=\"_blank\" rel=\"noopener noreferrer\">Saver\u2019s Credit<\/a><\/strong>: If you\u2019re in a lower tax bracket, the IRS will give you money for investing in a retirement plan. This credit phases out completely for single filers who earn more than $32,000 per year.<\/li>\n<li><strong>Student loan interest:<\/strong> Student loans are the worst, so let\u2019s just hold our breaths and get through this: You can deduct up to $2,500 of interest per year.&nbsp;If your modified adjusted gross income is less than $80,000 \/ year as a single filer, or less than $165,000 \/ year as a joint filer, the deduction allows you to save up to $625 per year.<\/li>\n<\/ul>\n<h2>4. Max out your 2018 IRA contribution<\/h2>\n<p>You have until April 15, 2019 to make contributions to your IRA for 2018.<\/p>\n<p>While maxing out your IRA is almost always a good idea, its potential tax benefits depend on <a href=\"https:\/\/www.irs.gov\/retirement-plans\/ira-deduction-limits\" target=\"_blank\" rel=\"noopener noreferrer\">two things<\/a>: whether you have a retirement plan at work and how much your modified adjusted gross income (MAGI) is.<\/p>\n<ul>\n<li><strong>If you have a 401(k) plan through your employer<\/strong>, and your MAGI is $63,000 or less, you can deduct your entire IRA contribution. You can still deduct part of it if your MAGI is between $63,000 and $73,000.<\/li>\n<li><strong>If you don\u2019t have a retirement plan at work<\/strong>, you can deduct all of your IRA contribution, no matter your income.<\/li>\n<\/ul>\n<p>Since you might not benefit from contributions every year, you should make the most of your IRA when you can. If you have a Wealthfront IRA (or would like to <a href=\"https:\/\/www.wealthfront.com\/retirement\" target=\"_blank\" rel=\"noopener noreferrer\">open one<\/a>, hint hint), <a href=\"https:\/\/ira.wealthfront.com\/2018-traditional-ira-contribution-limits\/\" target=\"_blank\" rel=\"noopener noreferrer\">read more about contribution limits and deadlines here<\/a>.<\/p>\n<p>Not sure what your contribution max is or whether you\u2019d qualify for deductions? Take <a href=\"https:\/\/www.fidelity.com\/calculators-tools\/ira-contribution-calculator\">this calculator<\/a> for a spin.<\/p>\n<h2>5. Leverage your harvested losses<\/h2>\n<p>Did you lose money on your investments this year? Well that\u2019s no fun, but hey, you can remove some of the sting with \u201c<a href=\"https:\/\/canary.kcprod.info/blog\/10-things-about-tax-loss-harvesting\/\" target=\"_blank\" rel=\"noopener noreferrer\">tax-loss harvesting<\/a>.\u201d This involves selling investments that have declined below their purchase price, thereby generating a loss that can lower your tax burden.<\/p>\n<p>If you have a Wealthfront investment account, we automatically harvest your losses for you, like any good friend should always do. And if you <a href=\"https:\/\/turbotax.intuit.com\/microsite\/home.htm?priorityCode=5608400000&amp;cid=all_wealth_aff_5608400000\" target=\"_blank\" rel=\"noopener noreferrer\">use TurboTax to file your taxes<\/a>, we\u2019ll help you automatically import your tax-loss harvesting. <a href=\"https:\/\/canary.kcprod.info/blog\/real-value-tax-loss-harvesting\/\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to learn more about how tax-loss harvesting can help lower your tax bill.<\/a><\/p>\n<p>And, if you receive a 1099-B, cue a sigh of relief: You don\u2019t need to type in all of those numbers. Remind your tax preparer that the <a href=\"https:\/\/www.irs.gov\/instructions\/i8949\" target=\"_blank\" rel=\"noopener noreferrer\">IRS form instructions<\/a> changed in 2014 to allow for summarized totals, meaning you no longer have to enter every transaction.<\/p>\n<p>That\u2019s all for now! You made it through! Hopefully it wasn\u2019t too bad, especially since, uh, we are not done yet: We\u2019ve got one more post in this series on how to prepare for next year\u2019s taxes today. Definitely read it, especially if you\u2019ll be receiving a windfall or IPO in 2019, or if you just want to pay your future self a favor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digging into the hard details of your taxes may not be as fun as, say, that upcoming ski trip to Tahoe \u2014 but it is important. Plus, learning about what deductions and credits are available to you could save you a serious amount of money, and that\u2019s never something to be bummed about. Follow these five simple steps to optimize your tax return.<\/p>\n","protected":false},"author":129,"featured_media":9739,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1278,1705],"tags":[1697,1294],"coauthors":[1117,82],"class_list":["post-9898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planning","category-taxes","tag-financial-planning","tag-taxes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Easy Things You Must Do Before Filing Your Taxes<\/title>\n<meta name=\"description\" content=\"Digging into the hard details of your taxes may not be as fun as, say, that upcoming ski trip to Tahoe \u2014 but it is important. 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