Save Money With Smart Year-End Tax Planning

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După Mike Morton, ChFC® and Mike Morton descoperit de Player FM și comunitatea noastră - drepturile de autor sunt deținute de către editor, nu de Player FM, iar materialul audio este transmis direct de la serverul editorului. Apasă butonul Abonare pentru a urmări actualizările în Player FM, sau copiază sursa URL în alte aplicații podcast.

It’s smart to review your tax strategy and planning to keep more money in your pocket. Use the checklist below as a starting point to see what might apply in your situation.

  • Maximize contributions to your employer retirement accounts (401k, 403b, etc) ✅
  • Maximize contributions to your Individual Retirement Accounts (IRA) ✅
  • Top off your Health Savings Account (HSA) ✅
  • Take your Required Minimum Distributions (RMD) ✅
  • Consider making a Qualified Charitable Contribution (QCD) ✅
  • Use a Donor Advised Fund to implement a bunching strategy. ✅
  • Consider a Roth Conversion (or multi-year Roth Conversion strategy) ✅
  • Tax Loss Harvesting: sell investments at a loss to offset gains. ✅
  • Tax Gain Harvesting: sell gains if you are in a low tax bracket. ✅
  • Make sure to use your Flexible Spending Account (FSA) money. ✅
  • Can you defer income to 2022 to save on taxes? [might not be a good idea based on potential increasing tax brackets]✅
  • You can give away 100% of your income as a Cash donation in 2021! ✅

Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

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