With the year coming to an end, there are various deadlines to meet when it comes to tax plans and all sorts of accounting. The deadlines open doors for filing taxes in 2020, whereby this is also very significant.

Thus anyone who wants to pay fewer taxes must make some of the following moves before the closure of 2019: –

Find out your capital losses

This will somewhat lower your income and will offset capital gains accomplished throughout the year. More loss gains give you an opportunity of offsetting up to $3,000 of ordinary income. However, the time is limited because you must settle any of these transactions before Dec. 31.

Get your state deduction for your 529 plans

You must contribute to get this deduction. The good news is that a majority of states are now offering income tax deductions, which have increased in some states. Meaning if you are a regular contributor you stand the chance of lowering your taxes.

Charity donation

Charitable contribution lowers the income tax burden because it is not deductible, unlike an ordinary contribution. However, any donation to charity must be done before the end of the year.

Have you paid your property taxes?

Any 2019 billing for property taxes does not have to wait for 2020. This is because it will give you a significant deduction on the 2019 income. Besides, pay it in full and take advantage of discounts offered by different jurisdictions on annual property taxes paid in full.

Take your Required Minimum Distributions (RMD)

More often RMDs are taken by retirees who turn 70.5 years old. However, taking them when you are much younger has an incredible advantage because you will have the time to control them. Nonetheless, you have till December 31, 2019, depending on your age.

Pay the taxes for your paycheck

Have you been holding taxes from your paycheck? People who have changed jobs, as well as couples, are fond of withholding taxes. Before December 31, 2019, ensure you have submitted all the quarterly taxes for the year. A tax withholding calculator or a Certified Financial Planner would help you with the process.