Year End Strategies
The holidays are a great time to reflect, not just on the year but on your financial health. Before the year wraps up, we at TEN10 encourage you to take a moment to check off some important items that could help preserve your financial future.
- Tax loss harvesting can reduce your tax liability if certain investments don’t perform as expected.
- If you’re over 73, be sure to address your Required Minimum Distributions (RMDs) to avoid unnecessary penalties.
- Charitable giving through a Qualified Charitable Distribution (QCD) allows you to give back while bypassing taxes.
- Don’t forget about the gift tax exclusion—this year, you can give up to $18,000 per person without any tax consequences.
- Consider contributing to a 529 plan to help fund your loved ones’ education while potentially taking advantage of state tax deductions.
- Finally, review your capital gains and income to avoid any surprises when you file your taxes next year.
If you need assistance with any of these year-end strategies, reach out to us, we’re here to help.
Happy holidays from everyone at TEN10!
