7 Midyear Moves Retirees Can Make to Trim 2019 Tax Tabs

As July Fourth nears, there are fireworks to enjoy and cookouts to attend.

(Image credit: Getty Images)

As July Fourth nears, there are fireworks to enjoy and cookouts to attend. But in the midst of all the celebrating, assess where you stand with Uncle Sam halfway through the tax year. “It’s a good time to do a status check,” says Tim Steffen, director of advanced planning for Baird. Consider maneuvers that can shave your tax tab for 2019 as well as over the longer term.

Look to 2018 for guidance. “Review the outcome of that return,” says certified public accountant Robert Westley, a member of the American Institute of CPAs’ Personal Financial Specialist Committee. This year’s tax rules are similar to last year’s; you’ll need to factor in thresholds and limits that are adjusted annually, which should help keep more of your money in your pocket in 2019. Since many tax-reform changes remain in effect through 2025, any longer-term moves could be considered within the same framework.

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Rachel L. Sheedy
Editor, Kiplinger's Retirement Report