Year-End Tax Planning: What to Know NOW to Pay Less Taxes in 2024

BiggerPockets MoneyDec 6, 202340m 56s4.1K viewsScore 85
Regulations & Compliance
advanced
tax planning
donor-advised funds
Roth conversions
tax loss harvesting
year-end tax strategies
M

Summary

AI-generated

This episode focuses on year-end tax planning strategies to help individuals reduce their tax burden for both the current year and their lifetime. It breaks down actionable steps into urgent, year-end, and early 2024 categories, covering topics like donor-advised funds, Roth conversions, and tax-loss harvesting.

Key insights

  • Many financial institutions have different deadlines for transactions at year end. The earlier one begins planning and executing these plans, the higher the probability of success.

Mistakes to avoid

  • If you are getting a large tax refund every year, you are giving the IRS an interest free loan. Adjust your withholdings accordingly.

Tools & resources

  • Sean Mullaneyservice

    Sean Mullaney is a financial planner and certified public accountant licensed in California and Virginia.

Frequently Asked Questions

Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial