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Last-minute financial checklist for 2019

Posted at 8:39 AM, Dec 31, 2019
and last updated 2019-12-31 09:39:43-05

It is not too late to save money on your taxes for 2019, if you maximize last minute deductions and credits.

If you're looking to get a tax break this year, there is still time.

First, consider growing your savings.

You have until April 15th to make contributions to your individual retirement account and have them count for 2019.

But today is the last day if you're contributing to a 401k.

The same goes for health savings accounts.

All of these contributions lower your taxable income.

Second, if you're in the market for a new car, consider going green.

The Federal Electric Vehicle Tax Credit offers up to $7,500 for a new auto purchase.

You can also count on finding holiday deals on pricing.

Third, if you're headed back to class in 2020, pay your costs before Jan. 1.

You could qualify for a $2,000 Lifetime Learning Tax Credit for 2019.

If you're paying off student loans, take a deduction for the interest up to $2,500.

Fourth, make sure to add up all medical expenses.

For Oklahoma taxes, you can deduct expense that are more than 7.5 percent of your adjusted gross income.

With federal taxes, anything above 10 percent of that number can be claimed.

So if you make $50,000 a year and spend $7,000 on medical expenses, $2,000 are eligible for deductions.

Finally, charitable donations with Oklahoma taxes, you can claim half your donations, up to $2,000.

Remember to keep records of your donations, and with federal returns, you can only write off a gift of $250 or more if you have a receipt from the organization.

Standard deductions have almost doubled since 2018, so check those out, it may not pay to itemize.

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