Tax Preparation
TAX PLANNING TIPS FOR 2018 TAX RETURN
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?TAX PLANNING TIPS FOR 2018 TAX RETURN
LOWERING YOUR MARGINAL TAX RATE
1.?Maximizing IRA and/or Health Savings Accounts Contribution.
The deadline to contribute to these accounts is early April 2019.
Contribution to Individual IRA will cause 2 benefits:
? IRA credit,
? lower AGI
PLANNING AHEAD
2.?Depreciation.
There are choices when electing a depreciation method. Depreciation can also be a postponed income (such as when you sell the property).
The key is to reach the lowest marginal tax bracket in current & future tax years.
3.?Tax Credits.
If your marginal tax bracket is low, you might be eligible for certain refundable or non-refundable tax credits.
? Plug-In Electric Vehicle Credit
? Variety Individual & Business Credits (specific qualification is required)
? Investment credit is the total of:
-the rehabilitation,
-energy,
-qualifying advanced energy project,
-qualifying advanced coal project and
-qualifying gasification project credits.
? Deduction for Qualified Business Income of Pass-through Entities
