Long Island: Important End Of Year Taxes Moves That Can’t Wait

Blog November 8, 2018 By Admin

The end of the year is coming up fast. Between holiday shopping, meals with family, and ducking the cold, 2019 will be here before we know it. Yet, Long Islanders simply can’t afford not take time to get on these smart money and tax saving moves. With only a few weeks left, it’s time to act.

Here’s what you want to do now…

Challenge Your Property Taxes

Despite the ongoing outcry over high taxes and a seriously broken system on Long Island, towns like Islip still plan to raise taxes by 5.3% or more this year. Get in touch with Property Tax Adjusters, Ltd. now to challenge your over-inflated bill and assessment and start saving.

Tax Breaks for Contributions

One of the best ways to gain more tax deductions and tax breaks for the year can be making contributions to your own savings and investment accounts. You get to pay yourself, and get a deduction for it. Then get to keep gaining returns on that money, tax deferred or even tax free. In addition to IRAs and 401ks, this can include education savings accounts (ESAs) and health savings accounts (HSAs). Be sure to speak with your own CPA to find out how much this can save you. Explore alternative options like self-directed IRAs and 401ks which may allow you to contribute and save thousands more than traditional accounts.

Start that Small Business

Small businesses typically lose money the first couple of years. At least on paper. That can produce extra tax breaks and deductions which can offset any other income or gains for the year. These paper losses can often be carried forward and rolled over to balance out years when your small business may be making real money. If you’ve been dreaming of your own startup. This could be the time to do it. Especially while everyone is looking for new things to buy for the holidays, and while capital is still plentiful to get funding and business loans.

Refinance Your Home

With new caps on mortgage interest deductions and property tax deductions, it can be very smart to refinance your Long Island home now while interest rates are low and home values are still at peak highs. This can create great loan deals that may not be seen again for a generation, while optimizing tax savings.