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Proactive Tax Planning: End-of-Year Tips for 2024 Savings

ARTICLE | December 19, 2024

Authored by Vasquez + Company


The end of 2024 is fast approaching, but there’s still time to implement strategies to reduce your tax liability. The article "Act Now: 5 Tips to Cut Your 2024 Tax Bill" outlines actionable steps to maximize tax savings before year-end.

Key Points:

  • Income and Expenses: Timing income and deductible expenses can optimize tax outcomes depending on future tax bracket expectations.
  • Itemized Deductions: Strategic "bunching" of expenses can help you surpass the standard deduction threshold.
  • Charitable Giving: Explore tax-efficient options like donating appreciated assets or using qualified charitable distributions (QCDs).
  • IRA Conversions: Converting traditional IRAs to Roth IRAs offers long-term tax benefits despite upfront costs.
  • Retirement and HSA Contributions: Maximizing contributions to tax-advantaged accounts reduces taxable income while growing wealth.

Stay informed and proactive to ensure you leverage these opportunities. For further insights, read the full article here.

 

Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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