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Four Year-End Tax Tips To Get On Track For 2024

September 19, 2023

The end of the year is a great time to start thinking about your taxes for the upcoming year.

Here are 4 tax-saving tips you can do now to help you get on track for 2024.

1. Max Out Your IRAs

IRAs are a great way to save for retirement and reduce your taxes. For 2023, the maximum contribution for both traditional and Roth IRAs is $6,500 ($7,500 if you’re age 50 or older).

Investing in a traditional IRA and contributing the maximum can help reduce your taxable income, which can lower your tax bill.* And while your contributions to a Roth IRA aren’t tax-deductible, you can save money on taxes later because Roth IRAs allow you to make tax-free withdrawals as long as you’re age 59½ or older and you’ve owned the account for at least 5 years.

2. Offset Gains By Harvesting Your Losses

If you have investment losses in 2023, you can use them to offset your investment gains and up to $3,000 of ordinary income. This strategy is called tax-loss harvesting, and it’s one more way to help reduce your taxable income. In short, you can sell investments at a loss to offset your gains in other investments.

If you buy the same investment or any investment the IRS considers “substantially identical” within 30 days before or after you sold at a loss, the loss will be disallowed. If you need guidance on whether an investment would be considered substantially identical, consult a tax advisor.

3. Learn The Implications Of Changing Your Filing Status

Your tax-filing status can have a significant impact on your tax liability. If you’re considering making a change to your filing status, be sure to understand the possible tax implications. For example, if you’re married and filing jointly, you’ll have a higher standard deduction and a lower tax bracket than if you file separately. However, if you have high income, you may be able to save money on your taxes by filing separately. Considering your options now can make for a smoother tax season in 2024.

4. Seek Tax-Efficient Investments

When you choose tax-efficient investments, you can help reduce your tax bill for 2024 and beyond. Here are some examples:

  • Tax-deferred accounts, such as traditional IRAs and 401(k)s, allow you to defer your investment gains until you start withdrawing your money.
  • Tax-exempt investments, such as municipal bonds, are exempt from federal income tax.
  • Tax-advantaged investments, such as 529 plans and health savings accounts (HSAs), offer tax benefits that can reduce your tax liability.

 

Source: Vanguard

Tags: 2024 tax year, 529 plans, exemptions, health savings account, investment gains, IRAs, irs filing status, taxable income
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