O.V. Modak Federal Tax Pro

Make sure beneficiary designations are up to date
Beneficiary designations won’t affect your taxes now, but they do affect the taxes of your heirs in the future.

Mike Moyer, certified financial planner and senior vice president/senior wealth strategist at PNC Wealth Management, says the end of the year is a great time to review your beneficiaries and make any changes you feel are needed.

Why is that important? Down the road, it will help minimize the taxes your beneficiaries and heirs pay on your assets after you die.

“If something unexpected happens to you, having your designations lined up and properly coordinated has a dramatic effect on the tax bills of who receives your assets,” Moyer says.

Tax Tips for 2019
Keep great records
The more meticulous you are at keeping records, the easier it'll be to file your taxes. To this end, have a filing system that allows you to organize key documents like pay stubs, tax forms, and expenses you're planning to write off. That last category is especially important if you're self-employed and plan to deduct some of the costs involved in earning your income.

Mortgage Interest, Points, and Insurance: The mortgage interest that you pay on your home, as well as a portion of the points you paid to reduce your interest rate, may be deductible if you meet the criteria listed in IRS Publication 936, "Home Interest Mortgage Deduction." This applies to mortgage debt of up to $1 million for home loans taken before December 15, 2017, and mortgages of up to $750,000 taken after that date. Mortgage insurance premiums also qualify under the mortgage interest deduction through tax year 2017, but they are subject to phase-out beginning at $100,000 AGI (for married filing jointly status).