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    Year-End Tax Planning Strategies

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    What are some year-end tax planning strategies you (personally) can employ to minimize your next year's tax liability?

    © BrainMass Inc. brainmass.com June 3, 2020, 11:11 pm ad1c9bdddf
    https://brainmass.com/business/accounting/year-end-tax-planning-strategies-267740

    Solution Preview

    Here are a few, which may not apply to everyone:

    1. Arrange to pay medical bills or other tax-deductible personal and sole proprietorship-related expenses early next year instead of this year. Just be sure that the tax benefit will exceed any late fees you might incur.

    2. Sign up this year during the "open season" for a flexible savings account or health savings account, into which you may make tax-deductible contributions next year.

    3. If you have stocks ...

    Solution Summary

    This solution discusses some common year-end tax planning strategies which an individual can use to minimize his or her current year income taxes.

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