BiggerPockets Money Podcast
477: Year-End Tax Planning Tips You NEED to Know Before the 2024 Tax Season
Episode guests
Podcast summary created with Snipd AI
Quick takeaways
- Strategically plan taxes to reduce total lifetime tax burden and take advantage of deductions and credits.
- Be aware of deadlines and restrictions for different tax strategies and tailor your planning accordingly.
Deep dives
Year-End Tax Planning: Opportunities for Tax Savings
Year-end tax planning offers opportunities to reduce your total lifetime tax burden. By strategically planning your taxes, you can take advantage of various deductions, credits, and investment strategies. Tax loss harvesting allows you to sell assets with built-in losses to offset capital gains or reduce ordinary income by up to $3,000. Consider contributing to a donor-advised fund, which allows you to donate appreciated assets, like stocks, while receiving a tax deduction. Roth conversions are another strategy to explore, as they involve moving money from a traditional retirement account to a Roth account, potentially reducing future required minimum distributions. Additionally, review your workplace benefits, such as health savings accounts and retirement plans, and consider maxing out contributions to take advantage of tax advantages and employer matches. Keep in mind that some actions can wait until the following year, such as IRA contributions and planning for future benefits. Overall, it's important to think holistically and consider your long-term tax savings goals when making year-end tax planning decisions.
Remember Everything You Learn from Podcasts
