The Long View

Ed Slott: Tax Planning for 2025 and Beyond

27 snips
Nov 26, 2024
Guest
Ed Slott
In this insightful discussion, Ed Slott, a CPA and retirement expert, shares valuable tax planning strategies ahead of 2025. He explains the intricacies of tax-loss harvesting and the importance of cost basis accounting. Ed dives into Required Minimum Distributions, highlighting common pitfalls and effective strategies, including Roth conversions. He also explores innovative charitable giving techniques for maximizing tax benefits and navigates the implications of the SALT cap for high-tax states. This episode is a treasure trove for anyone looking to optimize their financial future!
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ADVICE

Tax Loss Selling in a Strong Market

  • Consider consolidating your portfolio by selling long-term losers.
  • This simplifies management and potentially offsets gains from winners.
ADVICE

Cost Basis Tracking

  • Track cost basis carefully, especially if using specific share identification.
  • Maintain detailed records of every purchase date and price for accurate reporting.
INSIGHT

Direct Indexing and Tax-Loss Harvesting

  • Direct indexing portfolios offer active tax-loss harvesting.
  • Similar results can be achieved independently by analyzing fund holdings.
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