BiggerPockets Money Podcast

477: Year-End Tax Planning Tips You NEED to Know Before the 2024 Tax Season

Dec 6, 2023
Guest
Sean Mullaney
Certified public accountant and financial planner Sean Mullaney shares year-end tax planning strategies to lower your tax burden. He discusses urgent moves, year-end tasks, and early 2024 actions. Topics include donor-advised funds, Roth conversions, retirement accounts, health insurance, and avoiding giving the IRS interest-free loans. The podcast also covers backdoor Roth IRAs, investing options, and maximizing employer benefits for tax planning.
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ADVICE

Year-Round Tax Planning

  • Think about taxes year-round to identify opportunities for reducing your lifetime tax burden.
  • These opportunities can exist whether you are working or retired.
INSIGHT

Retirement Tax Savings

  • The US tax system incentivizes retirement savings, especially with a progressive tax structure.
  • Higher earners benefit more from tax deductions during working years and lower taxes during retirement.
ADVICE

Donor-Advised Funds

  • Use donor-advised funds to donate appreciated assets like stocks for tax deductions and avoid capital gains.
  • Transfer assets directly; selling first negates the tax benefits.
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