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Gary LeDonne, executive in residence and MAcc coordinator for West Virginia University’s John Chambers College of Business and Economics, breaks down the Tax Cut and Jobs Act and how changes to the tax structure offer new planning opportunities and considerations for taxpayers at the end of the year.
“It’s always a good time to make sure that you have funded your retirement plans properly. If you have a 401K or an IRA, you have the opportunity to save some taxes by making contributions to those types of plans as well as providing for your retirement for the long term.”
“This is also a good time of the year to think about charitable giving. This is an area that can save taxpayers dollars. There’s a lot of ways to give. You can give cash, which is a common one, but also you can take a tax deduction for non-cash gifts.”
“If you have deductions that would qualify, such as charitable contributions or state and local tax payments, you may want to try to bunch those into one year so that you can potentially itemize your deductions in say, 2019 or 2020. Taxpayers need to think about those cutoff dates.”
“Audit readiness is always an important thing. Make sure that you have all your documentation. The statute of limitations is three years, and so from the time you file the return or the due date of the return, whichever is later, so you need to make sure you maintain your documentation.” — Gary LeDonne, executive in residence and MAcc coordinator for West Virginia University’s John Chambers College of Business and Economics.
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John Chambers College of Business and Economics
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