The countdown is on. 2024 is just weeks away, so you know what that means! It’s time to make those last-minute money moves to help you prepare for tax season and end the year with a bang. If you tune in with us regularly, you know this isn’t our first year-end rodeo, but if you’re new here, get ready as we run through our carefully curated hit list that you should consider including in your financial checkup.

During our discussion, year-end tax loss harvesting, how to maximize your retirement contributions, tax law changes that could impact 2024 and beyond, important deadlines, ways to save through charitable donations, necessary portfolio upkeep, and so much more. When we say now is the time to get your financial affairs in order, we’re not kidding! So, add an alert to your calendar, bring your questions, and join us live!…(read more)

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LIVE: Your 2023 Year-End Tax and Financial Planning Guide

As the year comes to a close, now is the perfect time to start thinking about your tax and financial planning for 2023. With the right strategies and proactive planning, you can save money and set yourself up for a successful financial future.

Here are some key areas to focus on as you prepare for the new year:

Maximize Retirement Contributions

One of the most effective ways to reduce your tax liability is by maximizing your retirement contributions. Whether you have a 401(k), IRA, or other retirement account, contributing the maximum amount allowed can significantly lower your taxable income. For 2023, the annual contribution limit for 401(k) plans is $19,500, with an additional catch-up contribution of $6,500 for those aged 50 and older. For traditional IRAs, the annual contribution limit is $6,000, with an additional $1,000 catch-up contribution for those aged 50 and older.

Consider Tax-Loss Harvesting

If you have investment losses in your portfolio, consider tax-loss harvesting to offset any taxable gains. By selling investments that have experienced a loss, you can use those losses to offset gains and potentially reduce your tax bill. Keep in mind that there are specific rules and regulations around tax-loss harvesting, so it’s best to consult with a financial advisor or tax professional before making any moves.

Review Your Asset Allocation

It’s important to review your asset allocation regularly to ensure that it aligns with your financial goals and risk tolerance. Rebalancing your portfolio can help you take advantage of potential tax benefits and optimize your investment strategies for the upcoming year.

Utilize Tax-Advantaged Accounts

Take advantage of tax-advantaged accounts such as Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) to save on healthcare expenses. Contributions to these accounts are made with pre-tax dollars, and withdrawals for qualified medical expenses are tax-free.

Plan for Charitable Giving

If you plan on making charitable contributions before the end of the year, consider donating appreciated securities or assets to maximize your tax benefits. By donating appreciated assets, you can potentially avoid paying capital gains tax while also claiming a deduction for the full market value of the gift.

Stay Informed

The tax landscape is constantly evolving, so it’s essential to stay informed about any changes to tax laws that could impact your financial situation. Keep an eye on any legislative changes and consult with a professional to ensure you are taking advantage of all available tax-saving opportunities.

The actions you take now can have a significant impact on your financial well-being in the coming year. By being proactive and strategic in your tax and financial planning, you can position yourself for success and minimize your tax burden. Take the time to review your financial situation, set goals for the future, and seek guidance from experts to make informed decisions. With careful planning and attention to detail, you can set yourself up for a prosperous 2023.