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Be Wealthy & Smart

Last Minute Tax Deductions to Use or Lose

Be Wealthy & Smart

Linda P. Jones

News, Business News, Investing, Business

4.8883 Ratings

🗓️ 8 March 2019

⏱️ 20 minutes

🧾️ Download transcript

Summary

Learn what the Tax Cuts and Jobs Act last minute tax breaks are available and which deductions are gone.

There are 5 last minute strategies available in 2019 for your 2018 return. The article is here.

There are 6 common deductions which you probably won't be able to deduct in 2019. Learn what they are so you can change your behavior now. For example, home equity lines of credit are only tax deductible if used for your home or second home. They are no longer tax deductible for other uses. The article is here

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Transcript

Click on a timestamp to play from that location

0:00.0

Be wealthy and smart, episode 535. If y'all know what I mean put your hands up and declare with me

0:14.0

Yeah, I'm full of time I'm gonna live a good life

0:21.0

I'm gonna live the good life

0:22.0

and beautiful and glorious life.

0:25.0

Step into a world of wealth and financial freedom without budgets, boredom or bosses,

0:31.0

on Be Wealthy and Smart. And now here's your host, Linda P. Jones.

0:38.8

Welcome to Be Wealthy and Smart. I'm Linda P Jones, America's Wealth Mentor, Empowering Women and Men Worldwide to Financial Freedom.

0:45.6

On today's show, we're going to talk about the Tax Cuts and Jobs Act and ideas for tax breaks to use or lose. So basically I'm going to share two articles from

0:57.0

CNBC.com that are about tax breaks. One is about last minute tax breaks for you to take advantage of

1:06.4

and the other is about tax breaks that have gone away in 2018 that you might not be aware of and you need to know so that you're not

1:16.2

counting on them for 2019. So I'm actually sharing two different articles from CNBC.com. The first is by Andrew Austerland and it says

1:27.0

here are five last minute tax moves you can still make before you file. And it has three bullet points.

1:34.0

It says, most chances to cut your 2018 tax bill

1:37.4

expired December 31, yet there are still

1:40.4

five things you can do before April 15th. Second bullet point says you can

1:45.5

reduce taxable income by contributing to an IRA or rolling capital gains

1:50.0

into an investment opportunity zone among other moves.

1:54.0

And the third bullet point says to help reduce your 2019 taxes review your withholding rate now.

2:00.0

And the article says,

2:02.0

Most of the last minute opportunities to reduce your tax liabilities for 2018 have come and gone.

2:08.0

You can't deduct charitable contributions you make in 2019 from last year's income, nor can you deduct expenses

2:16.1

against last year's income for medical procedures you get now.

...

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