Monday, June 16, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Six Year-End Strategies That Will Prepare You for 2024 Taxes

Simon Osuji by Simon Osuji
December 13, 2024
in Taxes
0
Six Year-End Strategies That Will Prepare You for 2024 Taxes
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related posts

What Taxpayers Need to Know

What Taxpayers Need to Know

June 12, 2025
Think You Don’t Owe SARS? Prove it

Think You Don’t Owe SARS? Prove it

June 11, 2025



Many people think of the end of the year as a time for reflection and celebration — a time to look back on all the fun times had, the accomplishments made and all the good yet to come, as well as consider how to improve and better oneself in the year ahead.

There’s also no better time to reflect on past financial choices and prepare for the upcoming tax season. Getting organized now can ensure you’re ready to take advantage of any potential benefits by April and will ensure you’re not scrambling to gather any information at the last minute.

In terms of year-end tax strategies, the members of Kiplinger Advisor Collective have six key recommendations to make that will not only better prepare you for your 2024 taxes but will also make sure you end the year in a smart, thoughtful way.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail.

Profit and prosper with the best of expert advice – straight to your e-mail.

Check for losses in your accounts
“Look through your accounts and see if you have any losses. If you notice any, think about doing tax-loss harvesting. A common misconception is that you’re not allowed to purchase a similar investment right away, but you are. You’re just not allowed to purchase the identical investment. If you sell a stock, you could buy a placeholder. Then, after 30 days, repurchase the original stock.” — Michael Gainor, Wells Fargo Advisors

Review and maximize your retirement contributions
“Contributing the maximum allowable amount can significantly reduce your taxable income while building for your future as well. It’s a simple yet impactful way to close out the year on a smart financial note. Making this a habit can help in setting you up for future success.” — Bob Chitrathorn, Wealth Planning By Bob Chitrathorn of Simplified Wealth Management


Kiplinger Advisor Collective is the premier criteria-based professional organization for personal finance advisors, managers, and executives. Learn more >


Look at tax projections with your adviser
“Review tax projections with your adviser to see if any of the following make sense: Roth conversions, tax-loss or -gain harvesting, charitable giving or bunching, HSA contributions and planning around taxable interest impacts with rates being higher than they have been in years past. These items can help clients lower both their year-to-year and lifetime tax bills.” — Doug Oosterhart, LifePoint Planning

Defer income to 2025
“To end the 2024 tax season smartly, review your taxes with an adviser. Maximize retirement contributions, consider tax-loss harvesting and assess charitable contributions or Roth conversions. If you’re nearing income thresholds, defer income to 2025 to stay in a lower tax bracket. These strategies, combined with organizing records, can reduce taxes, boost savings and set a solid foundation for next year.” — Amrita Choudhary, Wasabi Technologies

Consider tax-loss harvesting for underwater assets
“If you have assets that are underwater, talk to your accountant about tax-loss harvesting. You can sell those assets you no longer care about for a loss and then deduct that loss from your capital gains in your other net positive gain assets in your annual tax return.” — Zain Jaffer, Zain Ventures

Get a clear understanding of where you stand
“Skip the last-minute scramble in tax season. Instead, consider year-end tax projections with your adviser to see where you stand. This simple step reveals your options to lower taxes, improve take-home pay and make smart moves while they’re still on the table.” — Dennis McNamara, wHealth Advisors

Related Content

The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.



Source link

Previous Post

Rwanda President Kagame announces F1 race bid, 31 years after last race in Africa

Next Post

What links Van Gogh, Trump, a golden toilet and Cattelan’s $6.2m banana?

Next Post
What links Van Gogh, Trump, a golden toilet and Cattelan’s $6.2m banana?

What links Van Gogh, Trump, a golden toilet and Cattelan's $6.2m banana?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Sproxxy is making it easier to measure conference spending ROI

Sproxxy is making it easier to measure conference spending ROI

1 year ago
Best Gifts For Hikers, Backpackers, Outdoorsy People (2024)

Best Gifts For Hikers, Backpackers, Outdoorsy People (2024)

8 months ago
Russian activities in Africa likened to criminal activities under Wagner – report claims

Russian activities in Africa likened to criminal activities under Wagner – report claims

3 months ago
Understanding Capital Gains Taxes When Selling Investments

Understanding Capital Gains Taxes When Selling Investments

2 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.