Tax Planning Checklist: 10 Strategies to Minimize Your Tax Bill before Year-End

The end of the calendar year is a great time for tax planning! Join Eric Blattner and Kirby DeMoss from Divvi Wealth Management as they discuss 10 powerful tax planning strategies you can implement before December 31st:

• Maximize Retirement Contributions: Learn how to leverage retirement accounts like 401(k)s and IRAs to reduce your taxable income.
• Roth vs. Traditional: Understand the key differences between Roth and traditional accounts and choose the right one for your tax situation.
• Roth Conversions: Uncover the potential benefits of converting your traditional IRA to a Roth IRA, even if you earn too much to contribute directly.
• Tax Loss Harvesting: Discover how to offset capital gains and lower your tax bill.
• Tax Gain Harvesting: Learn when and how to strategically realize capital gains to maximize your tax benefits.
• Optimize Your Portfolio: Explore strategies for optimizing your asset allocation and location within taxable and tax-advantaged accounts.
• Plan for Required Minimum Distributions: Understand the rules surrounding required minimum distributions (RMDs) and avoid potential penalties.
• Estimate Your Income: Forecast your taxable income for the year and next year, pulling forward or deferring income to minimize tax liabilities
• 529 Plans: Consider contributing to 529 college savings plans to benefit from tax-advantaged growth and future education expenses.
• Charitable Giving: Maximize the impact of your charitable giving while reaping potential tax benefits.

Don't miss out on these valuable tips! Watch now and take control of your year-end tax planning.

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Timestamps:
0:29 Review retirement contributions
0:50 Review traditional vs. Roth 401(k)
1:15 Consider Roth conversions, even if you earn too much to qualify for Roth contributions
1:59 Review tax loss harvesting opportunities
2:33 Review opportunities to harvest gains
3:13 Review asset allocation AND asset location
4:08 Review required distributions
4:42 Estimate income
5:23 Consider 529 funding opportunities
6:02 Give! Review charitable giving and potential tax benefits.

DISCLAIMER: This video is for educational purposes only and does not constitute financial advice.

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