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What actions should you take before the end of the year to minimize your tax liability?

Tax expert Lance Weiss talks about actions people can take before the end of the year to minimize their tax liability for 2017.
Lara Hamdan | St. Louis Public Radio
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Tax expert Lance Weiss talks about actions people can take before the end of the year to minimize their tax liability for 2017.

As we reach the end of the year, we talk to our go-to tax expert for tips. On Friday’s St. Louis on the Air, host Don Marsh talked to expert Lance Weiss, a CPA and partner with SFW Partners, LLC, about actions people can take before the end of the year to minimize their tax liability for 2017.

Weiss also addressed the new tax reform law that will affect next year’s tax liability.

Some suggestions for this year:

  • Utilize donor-advised funds for charitable contributions to receive an immediate tax benefit and double up on charitable deductions
  • Take advantage of opportunities employers offer to match retirement savings accounts and check Saver’s Credit eligibility
  • Check eligibility for the Earned Income Tax Credit (EITC)
  • Review Flexible Spending Accounts (FSA)
  • Take advantage of property donations to reduce income tax

Listeners called in with their specific tax questions on:

  • Itemizing deductions
  • How to tax and deduct Airbnb income
  • The new tax bill’s effect on gambling income
  • New exemptions and deductions in 2018

Listen below for the full discussion:
 

St. Louis on the Air brings you the stories of St. Louis and the people who live, work and create in our region. St. Louis on the Air host Don Marsh and producers Mary EdwardsAlex Heuer and Lara Hamdan give you the information you need to make informed decisions and stay in touch with our diverse and vibrant St. Louis region.

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Lara is a producer for "St. Louis on the Air" at St. Louis Public Radio.

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