As usual taxes vest on December 31. The question is what should you do? Each person gets $12,200 standard deduction and if you’re over sixty-five or blind you get another $1650. So, to itemize, you need to have deductions that exceed $24,400 for a married couple or $12,200 for an individual. So what does all that mean. It means that you might not be able to use your local and state tax deductions, or use your medical deductions or use your charitable deductions. So, you need to do some math before rushing off to get some extra deductions to ensure that they do you some good. Second of all, for now Capital gains are at 23.8% (if you’re subject to the Obamacare surtax) or 20% if you’re not. Couples don’t go above the 19% rate until they exceed $78,971 in taxable income. That means that unless your gross income is over $100,000, you don’t need to try and sell those stocks. Even then, you don’t go above 23.8% until you exceed gross income of over $190,000. So, you don’t need to lock in those capital gains rates.

If you have a business, check to see that you’ve been paid all of your reimbursements for the year. That’s tax free money to you and if you are a single member, LLC or sole proprietorship that you deduct your health insurance and pick up all those expenses you paid as part of your business, but forgot to run through your business.

If you are an employee, remember to get reimbursed, if you can, because unreimbursed employee business expenses are not deductible anymore.

Lastly, Merry Christmas.