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Beyond the 4% Rule: Smarter Strategies for Financial Independence with Karsten Jeske
All the Hacks with Chris Hutchins
Maximize Gains, Minimize Taxes
In 2023, effective tax strategies can focus on long-term capital gains to optimize tax liabilities. By employing tax gain harvesting, individuals can sell and repurchase investments to realize gains within the 0% capital gains tax bracket, especially if their income is low enough. It's important to leverage standard deductions, such as the $27,700 for married couples, where possible, alongside strategies like Roth conversions to increase ordinary income and fill lower tax brackets. Understanding and utilizing these tactics can result in maintaining a low average tax rate, often in the low single digits.
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