As the end of the year approaches, it’s time to think about any last minute tax strategies. At the same time, I have a checklist of things to prepare for the upcoming year. It’s more efficient to do them at the same time as many of the strategies impact calculations for next year.
I just finished cleaning out my closet to make donations of clothing and wedding attire by year end for tax deductions. Here’s some other strategies that I work on at year end:
Tax loss harvesting: I go through our taxable accounts and sell stock that I am carrying at a loss. See more on how to harvest tax losses.
Maximizing any tax deferral options still available in 401k, 403b and 457 plans.
Having any extra dental work done, prescriptions refilled, etc. to use remaining flexible spending account dollars.
Conversion of IRAs to Roth IRAs to maximize the rest of our tax bracket.
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