Now is the perfect time to take action and reduce your tax burden! With a few strategic moves, you can maximize your deductions, boost your savings, and avoid costly surprises come tax season.
Here’s your essential checklist to make the most out of your tax planning…
– Maximize your retirement contributions to reduce your taxable income.
– Use up your Flexible Spending Account (FSA) to avoid forfeiture.
– Take advantage of the annual gift tax exclusion.
– Harvest your investment losses by selling underperforming investments to offset gains and reduce capital gains tax.
– Make charitable contributions to reduce your taxable income.
– Defer receiving income until the next tax year to lower your current year’s tax liability.
– Pay deductible expenses before year-end to maximize itemized deductions.
– Consider a Roth Conversion, especially if you expect to be in a lower tax bracket.
– Review your Required Minimum Distributions (RMDs) to avoid penalties.
– Check your eligibility for tax credits.
– Review any possible business deductions.
– Review your estimated tax payments to avoid penalties.
– Organize your tax documents.
By addressing these moves before the end of year, you can lower your tax liability and set yourself up for a smoother filing season.
Want to learn more? Schedule a free 20-minute consultation with one of our tax and wealth advisors today – https://shorturl.at/goSbB
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