YEAR-END TAX PLANNING FOR 2022VINCENT, SCOTT E.Journal of the Missouri Bar
Year-end tax planning and end of year tax moves are good ideas to minimize your taxes but there are several pitfalls and traps to some of the ideas.
Year-end tax planning can be especially beneficial toindividuals with uneven income streams, providing the opportunity to accelerate or defer compensation. In a lower-than-usual income year, it's often prudent to review existing traditionalIRAs and former employer 401(k) plans and work with a tax...
YEAR-END MOVE:Incorporate this into your overall estate plan. For instance, your plan may involve various techniques, including bypass trusts, that maximize the benefits of the estate and gift tax exemption. Also, the higher interest rate environment may make certain estate planning strategies more ...
Consider these 10 tax planning and preparation moves before year-end. 1. Talk to your tax, wealth and insurance advisors about any changes in your life. Your tax obligations and opportunities to reduce your tax burden may be affected by a wide range of changes in your life. Many people don...
. The IRS has recently issued its 2025 inflation adjusted numbers. Inflation has moderated somewhat this year over last, so many amounts will increase over 2024 but not as much as in the previous year. Take these 2025 numbers into account as you implement 2024 year-end tax planning ...
5 Proactive Year-end Planning Strategies: Maximize Retirement Plan Contributions Converting a Traditional IRA to a Roth IRA Give to Charitable Organizations Gift Monetary Assets Harvest Investment Tax Losses 1. Maximize Retirement Plan Contributions ...
1. Key Tax Planning Strategies Year-End Tax Planning Tips Tax Tip 1provides a snapshot of key strategies geared toward helping you achieve your planning goals. It includes ideas to help you reduce your current year’s tax as well as any potential future taxes. While this chart is not all...
From maximizing tax-advantaged savings accounts to donating to charity, you can still make strategic tax moves before year-end. Explore ways to help save on your 2024 taxes.
When you have a complex financial life, decreasing your tax liability requires more than just a plan—it requires a strategic tax plan. There are many moving parts, and making one decision could have unintended consequences that defeat the overall strategy. ...