Rich Habits Podcast
89: Our Favorite Tax-Saving Strategies for 2024
Nov 4, 2024
Join Steve Latham, CEO of DonateStock, as he shares insights on maximizing charitable contributions through stock donations while enjoying significant tax advantages. The discussion dives into effective year-end tax-saving strategies like tax loss harvesting and Health Savings Accounts. Learn how donating appreciated stock can reduce taxable income, making charitable giving more impactful. Plus, discover smart tax strategies for remote workers, including home office deductions, and get tips on wise investments to navigate market volatility.
37:13
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Quick takeaways
- Tax loss harvesting enables individuals to offset capital gains with losses from poorly performing assets, significantly reducing taxable income for the year.
- Health Savings Accounts provide a triple tax advantage, allowing tax-deductible contributions, tax-free growth, and tax-exempt distributions for qualified medical expenses.
Deep dives
Tax Loss Harvesting Strategy
Tax loss harvesting is an effective strategy that allows individuals to sell stocks at a loss to offset gains from other investments. For instance, if an investor realizes a significant capital gain from a successful investment, they can balance this with losses from poorly performing assets, thereby reducing their overall taxable income. It's crucial to execute this strategy within the same calendar year to reap the full benefits, as losses carried to the next year cannot offset previous gains for tax purposes. Additionally, if there are no capital gains, individuals can still utilize up to $3,000 of losses to offset ordinary taxable income, offering a greater avenue for tax savings.
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