Newsday featured advice from Partner Karen O’Connor in a column about year-end tax tips.
By Jamie Herzlich
Among other tax considerations for small business owners and individuals is making sure they adjust their income tax withholdings before year-end to ensure they’re not under-withheld in 2019, says Karen O’Connor, a partner at Marcum LLP in Melville. Some taxpayers in 2018 were unaware the withholding tables were updated due to the tax changes brought on by the Tax Cuts and Jobs Act and were subsequently under-withheld last tax season, she said. Also, small business owners and individuals that make charitable contributions should consider bunching two years worth of charitable contributions into a single year, O’Connor says. This may bring them above the increased standard deduction created by the TCJA, allowing them to itemize deductions for that year, providing a potentially greater benefit over a two-year period, she says.