The end of the year is a great time to start thinking about your taxes for the upcoming year. That’s why @Austin with @PatriotWealthNC and @erinkennedy are sharing 3 tax saving tips you can do now, to help you get on track for 2024.

1. Max Out Your Roth IRA
2. Tax Loss Harvesting
3. Seek Tax Efficient Investments

If you have any questions about Roth Conversions, or if you’d like to talk through specific tax efficient investments, including Health Savings Accounts or Qualified Charitable Distributions, please reach out to Austin by calling 9one9-322-4113 or visit www.PatriotWealthNC.com

#RothTober #taxtips #wealthmanagement #YearEnd…(read more)

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As the year comes to a close, it’s time to start thinking about your finances and how you can prepare for the upcoming tax season. By taking a few simple steps now, you can set yourself up for success in 2024 and ensure that you are in a good position when it comes time to file your taxes. Here are three year end tax tips to get on track for 2024.

1. Review Your Income and Expenses
Before the year ends, take some time to review your income and expenses for the year. Look at your pay stubs, bank statements, and any other documentation to get an accurate picture of how much you earned and spent throughout the year. This will give you a better understanding of your financial situation and help you identify any potential deductions or credits that you may be eligible for when it comes time to file your taxes.

Additionally, consider making any necessary adjustments to your retirement contributions, health savings account (HSA) contributions, and other tax-advantaged accounts. By maximizing your contributions before the end of the year, you can reduce your taxable income and potentially lower your tax bill for 2023.

2. Plan for Required Minimum Distributions (RMDs)
If you are over the age of 72 and have tax-deferred retirement accounts, such as traditional IRAs or 401(k)s, you may be required to take a required minimum distribution (RMD) from these accounts each year. It’s important to make sure that you take your RMD before the end of the year to avoid any penalties from the IRS. Failure to take your RMD can result in a hefty 50% tax penalty on the amount that should have been withdrawn.

If you have multiple retirement accounts, make sure you are mindful of the RMD requirements for each account and calculate the total amount you need to withdraw. Consider consulting with a financial advisor or tax professional to ensure that you are meeting all RMD requirements and taking the necessary steps to minimize your tax liability.

3. Consider Tax-Loss Harvesting
If you have investments in taxable brokerage accounts, consider implementing a strategy known as tax-loss harvesting before the end of the year. Tax-loss harvesting involves selling investments that have experienced a loss in order to offset taxable gains and potentially reduce your tax bill.

By selling losing investments before the end of the year, you can use those losses to offset any gains you may have realized throughout the year. Additionally, you can use up to $3,000 of excess losses to offset ordinary income, with any remaining losses carried over to future years.

Keep in mind that tax-loss harvesting should be done strategically and in line with your overall investment strategy. It’s important to consider the potential impact on your portfolio and consult with a financial advisor or tax professional before making any decisions.

By taking these year end tax tips into account, you can get on track for a successful tax season in 2024. By reviewing your income and expenses, planning for RMDs, and considering tax-loss harvesting, you can set yourself up for success and potentially lower your tax bill. As always, it’s a good idea to consult with a financial advisor or tax professional to ensure that you are making the best decisions for your unique financial situation.