The Seven Top Year-end Tax Tips for Individuals
There's limited time to leverage these tax-planning tips
The end of the year is rapidly approaching, which means you have limited time to leverage our tax-planning tips, which can save you money in your immediate future, as well as down the road.
Check out OSAP Mission Partner Clark Schaefer Hackett’s top seven year-end tax tips for individuals to learn how to make the most out of your tax situation.
1. Maximize the Standard Deduction
This is a tried-and-true year-end tax planning strategy. If your total itemizable deductions for 2023 will be close to your standard deduction allowance, you could make additional expenditures for itemized deduction items between now and year end to surpass your standard deduction. Those extra expenditures will allow you to itemize and reduce your 2023 federal income tax bill. Next year, you can claim the bigger standard deduction allowance (thanks to the annual inflation adjustment) if you don't itemize.
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