It’s almost too late to cut what may be your biggest expense for 2019 (and it’s not your Christmas budget). For most of our clients, income taxes are their largest expense and with the calendar year ending in a couple weeks, so too will the opportunity to save on your 2019 tax bill.

At Vintage, we’ve been working hard over the past month to review tax savings options for our clients. For many, we’ve already mocked up their 2019 tax return with estimated figures to ensure that we can take advantage of being in a low tax bracket or reduce the taxable income for those in a high tax bracket.

It doesn’t always make sense to reduce your taxable income. For instance, long term capital gains tax rates are 0% for taxpayers in the 12% federal income tax bracket ($78,950 in taxable income for joint filers) this year. With some proactive planning, it’s possible to take some gains that won’t be subject to federal taxes—ever.

For people in their first years of retirement, there are excellent opportunities to make tax moves that can save tens of thousands of dollars or more in the future. Partial Roth conversions, taking capital gains, annuity withdrawals and other moves can allow you to take gains at low rates now and save big on future tax bills.

If your financial advisor suggests that you “contact your tax advisor” when it comes to tax advice, maybe it’s time to find a better advisor. Our team includes tax professionals with extensive experience in providing proactive tax planning. Learn more about how we can integrate tax planning into your finances to help you succeed.