Tax Saving Checklist for the Coming Years

It’s holiday season and with all the celebrations it’s imperative to have a double check on your finances and find loopholes to save much of your taxes. Get to check your fund list, payables and save your end moves to improve your final year tax expenditure. 

As the year ends, we have come up with some of the tax planning tips to keep payments to the IRS as low as possible. Here’s all that can be appended to your already planned tax-saving bucket.

1. Planning is a good start

You can ease your tax load taking small steps and redefining your financial expenses. Building a plan acts as a mirror to your overall expenses including what you spent and how you can save for the best. 

Taking the plan ahead you can watch out of your expenses today keeping in mind what more you need to save for your retirement( if you plan to retire). Set your net worth for today and at the same time projecting your expenses according to your regular lifestyle. Try smart investing and keeping a check on any kind of social security, pensions, and RMDs.

Build a map that charges you with your current finance and everything that you can save for your future.

2. Manage health saving accounts and review health insurance.

Investing in health saving accounts is always beneficial. The money spent on health accounts are saved pre-tax and is also not taxed once used. So, spending much on health accounts is a credible option.

3. Medicare can be a valid option

When we talk about saving taxes, signing up for Medicare is a wise decision. If you are old or above 65, you can signup with Medicare.govt. Adding to your benefits, there is 10% premium penalty for every 12 months that you have registered and for Medicare part B, in-case you have not registered.

4. Company contributions should be focused

It is always advised to focus on the saved invested plans that are offered to the employees by the employers for their retirement. Investing in retirement saving plans offers multiple benefits as you can use them in your future investments.

You can always reach the contribution limit for your savings accounts. Here’s 2019 contribution limit:

  1. $19,000 for 401ks, 403bs, 457s as well as Thrift Savings Plans. If you are 50 or above, the catch-up contribution is an additional $6,000. You can save a total of $25,000!
  2. $6,000 for IRAs. And, the catch-up contribution for people 50 or above is $1,000. You can save up to $7,000 with tax advantages.

5. Prepare well for planned gifts or charitable donations

Nowadays, it is quite conventional for everyone to do a charity or have a particular donation strategy to save taxes. Meanwhile, there are chances that the taxpayers end up struggling to donate for a fake charity fund. So, you must plan in a way that your assets grow tax-free, moreover, you can do a charity further with reduced risks.

6. Rework on your investments

I am all up with my investment plans and have found the best solutions to save my money? Think again! You must have been thinking that you have best strategized your finances and have managed all your assets piloting profit to your accounts, but you need to check again. 

Reworking and rebalancing your investments can be the best solution. It means buying and selling some portions of your investment so that all your assets can be in the original value for the considerate changing market value. Reworking on your investments not only brings the best ideas, but you will also be valuing your assets for today and the coming days.

7. Updating estate plans

Estate plans are something that not only serves you but also caters to your family and coming generations. You should make sure that all your retirement accounts like IRAs and 401(k)s are updated. It’s mandatory to care for your life insurance policies as well as all your trust expenditure remains safe. Accurate estate planning should never be a point to be missed.

8. Do you need a Financial advisor?

There are times when you are stuck with some of the major financial decisions and you wish to seek help. This is the point where having a financial advisor can save you time. Once you have planned all your finances and you have your retirement days managed, hire a financial advisor who can review all your plans keeping in mind all your interests and needs. The goal is to reduce tax amount and increase wealth, so choose your advisor wisely. 

No matter how much you have invested, if it is not organized it will benefit you no penny. So, be practical while maintaining asset allocation strategies rather than procrastinating. Be updated with all the tax rules and we promise you will finely deal with all the tax work.

Happy tax saving!

No doubts, you have come a long way. The year is about to end and we have done our part offering you some of our best strategies to save your bucks. Before you note down your new year resolution, turn back and stare your planned tax book, make necessary changes if needed.

Share this post on

Start Your Free Trial


Continued support

I would like to thank you for your continued support. I’m so glad everything turned out well. I owe you one.

Vishal Savadiya

Prompt service

George was outstanding; he fixed my issue within a couple of minutes and got me back to work! Thank you for such prompt service!

Lyndsey Chapman

Best tech support

Your tech person resolved this issue to the best of my satisfaction. He is very knowledgeable, helping and nice person. Thank you for this help.

Bipin Bhatt
KB Accounting & Tax Services

Exceptional service

I appreciate the exceptional service that Duke Williams always provided us at JS Morlu. He is patient, knowledgeable and extremely helpful.

John S. Morlu
Global Managing Partner

Quick response

As always, It was a very positive experience having your technician solve the issue we were currently experiencing.

Brad Pollack
Retail Service Options

Kristi PArker

Was assisted with permission setting, easy process. Thank you.

Origin Books

Mary L Zembruski

They have always promptly resolved any issues I have contacted them about.

Wilson Landscaping

Christopher Hutzel

Easy of working and very helpful

Christopher Hutzel
Compactor Service

Mandy Leong

Great customer service

Mandy Leong
Managed Staffing

Taylor Hill

Not a problem since I started years ago. Support is amazing and couldn’t be quicker. Just tonight, I emailed them and within 1 hour David helped me through an issue and resolved it as quick as I could have asked. Glad I found these guys.

Taylor Hill
Hill Tax, Payroll & Bookkeeping

Serina McCoy

Service was very quick to resolve the issue we had with logging in. Michael Olson emailed and called with in a few minutes on realizing we had an issue and had us back up and working quickly.

Serina McCoy
Gilberts Mobile Service

Mark Tevrucht

thank you reason for stars is my opion nothing is perfect

Mark Tevrucht

Nancy Evans

Easy to work with Aaron.

Nancy Evans
Nancy P Evans CPA PC

Tom Cloninger

Excellent service! Very responsive!

Tom Cloninger
RAN Accounting & Consulting

Rich Durso

Anderson solved my issue quickly and efficiently!

Rich Durso

Juli Hale

We’ve been very happy with the service so far. I would highly recommend Sagenext for hosting QuickBooks and other software. Thank you Michael Olson!

Juli Hale
Vico Plastics, Inc.

Nabila Qureshi

Great Customer service and support. Will highly recommend Aaron was very helpful and knowledgeable

Nabila Qureshi
Tax King USA Inc

Yelena V Moshkovsky

Great service with persistence to solve the issue and easy to reach. Anderson was a lot of help with my remote desktop issue.

Yelena V Moshkovsky
Supporting Strategies

IT Director

Sage Next have been great. We moved from 2 other quickbooks hosting providers to SageNext because it is the fastest server we could find which makes working on it much easier for our team. That plus their team is always available and very helpful!

IT Director
American Foods


Very happy with the functionality of the hosted environment and excellent customer service. A human always answers the phone quickly and is always knowledgeable and resolve any issue quickly. Thank you Michael and your support team.


Cristen Rolen

Worst support team who are getting more time ever.

Cristen Rolen
Cristen CPA Firms


Aaron was extremely helpful, and resolved my issue quickly and professionally. Sagenext hosting services has been reliable, and support has always been great.

Zigo Associates

Peg Kelly

Michael Olson was very helpful, professional, knowledgeable and kind. He’s a keeper should have more employees like him. Highly recommend Sagenext.

Peg Kelly
All Star Therapy

Jon Graff

Support has been terrific, every time I’ve had issues I’ve been able to get help quickly which has resolved any issues. Michael Olson recently helped me resolve a backup issue. Thank you Sagenext

Jon Graff
The Reason Foundation


Prompt support when needed!

The College Music Society


Sage is wonderful! Aaron was an incredible help to me!

Elfand & assoc


Thank you so much! I use Quickbooks on their servers and they are very helpful for all my computer needs. Thank you Michael for your great support.


Gwendolyn Terrell

Customer Service was great they was able to fix the issue in a timely matter.

National Tax Center


Free Trial

Sagenext Trial