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Retirees, Year-End Moves to Trim Your Tax Tab

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The coming tax-filing season will be full of twists and turns. New tax forms should be in place. Old, familiar tax breaks are gone, replaced by new breaks and new tax-saving opportunities. And the new, lower tax rates are in full effect. If the 2019 filing season were a reality show, no doubt it would be the most dramatic season yet.

But with 2018 quickly drawing to a close, now is the time to look for last-minute tax-saving moves and tamp down your tax tab for the year. With tax reform in place, this year’s tax-trimming moves may be quite different from moves you made in the past. “One of the old tried-and-true methods was to bunch deductions,” says Bill Smith, managing director for CBIZ MHM’s national tax office. You may “still want to accelerate deductions, but not many are left.”

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Here are some last-minute moves to consider as you try to outwit Uncle Sam and hold on to as much of your cash as you can.

SEE ALSO: 10 Best States to Live In for Taxes

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