1. 10 Year-End Tax Tips

    10 Year-End Tax Tips

    10 Year-End Tax Tips With the winter holidays looming, the clock is ticking for taxpayers who want to minimize what they will pay next spring. Many money-saving tax strategies need to be implemented by Dec. 31 to have an effect on tax filing in the spring. "Proper tax planning is taxpayer specific, and one strategy may not work for all," says Bhakti Shah, vice president and tax planning manager for wealth management firm Beacon Trust in Morristown, New Jersey.

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    1. Proper tax planning is taxpayer specific, and one strategy may not work for all.
    2. All of these will, of course, reduce your taxable income.
    3. It might be a nice opportunity to convert some of that money to a Roth account.
    4. By the end of the year, you can take $100,000 out of your retirement (fund) and not pay the penalty.
    5. You may want to avoid buying a mutual fund right before it makes its year-end distribution or you may have an unexpected tax bill.
    6. From an investment standpoint, year-end is a great time for individuals to sell investments that are not performing as expected and reallocate the proceeds from those sales.
    7. You tend to drift off your target asset mix (over time).
    8. Your self-employment taxes are based on your net income.
    9. Even if you clean out your household goods and clothing and donate them, you could bump yourself up over the standardized deduction (threshold).
    10. With 2020 being an election year, there could be changes in tax laws that may need to be considered when you make your year-end plans.
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