As the year draws to a close, it’s time to consider strategic moves to optimize your tax planning. From maximizing contributions to tax-advantaged accounts to charitable giving, here are key steps to take before the year-end.
1. Maximize Your 401(k) Contributions:
Boost your tax-deferred savings by contributing the maximum amount allowed to your employer-sponsored 401(k) retirement plan. For 2023, the cap is $22,500 ($30,000 if you’re 50 or older).
2. Explore Roth 401(k) Contributions:
If your employer offers a Roth 401(k) option, consider making after-tax contributions, up to the annual limit of $22,500 ($30,000 if 50 or older) in addition to your traditional 401(k) contributions.
3. Consider Roth Conversion for IRA:
For those exceeding Roth IRA contribution limits, a Roth conversion from a traditional IRA can provide tax-free withdrawals in retirement. Carefully manage the conversion amount to stay within your current tax bracket.
4. Explore Mega Backdoor Roth Strategy:
5. Optimize Charitable Contributions:
If charitable giving aligns with your financial plan, ensure tax efficiency by maximizing deductions. Consider donating appreciated long-term investments to receive tax benefits.
6. Utilize Qualified Charitable Distribution (QCD):
If you’re 70½ or older, leverage QCD to donate up to $100,000 directly from your IRA to a charity, satisfying RMD requirements without increasing taxable income.
7. Exercise Nonqualified Stock Options (NSOs) Strategically:
If your company issues NSOs, exercise them strategically at year-end to stay within your tax bracket, minimizing tax implications.
8 Harvest Losses for Portfolio Optimization:
Review your portfolio and offset realized gains with losses to potentially reduce your tax liability. Be mindful of the wash-sale rule to avoid complications.
9. Maximize Other Tax-Deferred Savings Accounts by Tax Day:
Explore contributions to other tax-advantaged accounts before Tax Day, including Health Savings Accounts (HSAs) and Traditional IRAs, to potentially reduce taxable income.
10. Maximize Other Tax-Deferred Savings Accounts by Tax Day:
Explore contributions to other tax-advantaged accounts before Tax Day, including Health Savings Accounts (HSAs) and Traditional IRAs, to potentially reduce taxable income.
11. Contribute to a Roth IRA:
Consider Roth IRA contributions, made with after-tax dollars, providing tax-free withdrawals in retirement. Be aware of income limits and contribution phase-outs.
12. Tax planning on Gifting:
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