Learn from Pure Financial’s Tax Planning Manager Amanda Cook, CPA, Esq.,  how Roth conversions, tax loss harvesting, tax gain harvesting, the Backdoor Roth IRA, net unrealized appreciation, and charitable giving strategies such as a donor-advised fund can help you reduce your tax liability, and which of these strategies fit your specific needs and goals.

Download the 2024 Tax Planning Guide:

Schedule a free Tax Reduction Analysis with any one of our experienced financial professionals:

00:00 – Intro & Tax Filing Deadlines
02:09 – Tax Terms
08:43 – Retirement Saving Strategies: Tax Diversification
14:20 – 401(k) Balances By Age
15:10 – Retirement Plan Options: 401(k), IRA, self-employed solo 401(k) & SEP IRA
Audience Questions
25:12 – Please explain the Roth 5-year rules.
27:15 – Should I wait to do Roth conversions until retirement when I’m in a lower tax bracket?
35:36 – 2024 Tax Rates & Capital Gains Rates
37:50 – Filling Up the Tax Bracket with Roth Conversions
 39:27 – When Not to Do a Roth Conversion
Tax Planning Tips
42:14 – Tax Loss Harvesting
43:49 – Tax Gain Harvesting
44:28 – Backdoor Roth IRA
45:33 – Net Unrealized Appreciation
47:14 – Charitable Giving: Donor Advised Funds
50:01 – Schedule a Tax Reduction Analysis
Audience Questions
51:03 – Should you take a required minimum distribution at the beginning or end of the year?
52:02 – Does rental income count as qualified income for contributing to a traditional IRA?
52:38 – Do you need employment income to do a Roth conversion?
53:08 – Does each Roth conversion have its own 5-year clock?
55:03 – Should you withdraw from Roth or pre-tax accounts first in retirement?

Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation.

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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
Esquire (Esq.) is an honorary title that is placed after a practicing lawyer’s name. Practicing lawyers are those who have passed a state’s (or Washington, D.C.’s) bar exam and have been licensed by that jurisdiction’s bar association.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period….(read more)

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As another year comes to an end, it’s time to start thinking about filing your taxes for 2024. While it may seem like a daunting task, being prepared and informed can help make the process smoother and less stressful. Here are some important things to know before filing your taxes in 2024.

1. Stay organized: One of the most important things you can do to make filing your taxes easier is to stay organized throughout the year. Keep all of your relevant tax documents, such as W-2s, 1099s, and receipts, in one place so you can easily access them when it’s time to file.

2. Know key tax deadlines: It’s important to be aware of important tax deadlines so you can avoid any penalties for filing late. The deadline to file your federal tax return for the 2024 tax year is April 15, 2025. However, if you need more time to file, you can request an extension until October 15, 2025.

3. Understand tax law changes: Tax laws are constantly changing, so it’s important to stay informed about any new changes that could impact your tax return. For the 2024 tax year, be aware of any changes to tax rates, deductions, or credits that could affect your tax liability.

4. Take advantage of deductions and credits: Deductions and credits can help lower your tax bill, so it’s important to take advantage of any that apply to you. Common deductions include mortgage interest, charitable donations, and medical expenses. Popular tax credits include the Child Tax Credit and the Earned Income Tax Credit.

5. Consider hiring a tax professional: If you have a complex tax situation or simply don’t have the time or confidence to file your taxes on your own, consider hiring a tax professional. They can help ensure that your taxes are accurately prepared and filed on time.

6. Be aware of potential scams: Unfortunately, tax season is also a prime time for scammers to try and steal your personal information or money. Be vigilant and be wary of any unsolicited emails or phone calls claiming to be from the IRS. The IRS will never contact you by phone or email to demand immediate payment or threaten legal action.

Filing your taxes can be a stressful and time-consuming process, but being prepared and informed can help make it go more smoothly. By staying organized, knowing key tax deadlines, understanding tax law changes, taking advantage of deductions and credits, considering hiring a tax professional, and being aware of potential scams, you can successfully navigate the tax filing process for the 2024 tax year.