Author: Mark Sipos, LFG Tax Services Director
Tax-Saving Moves You Can Make Before Year-End
Written by Mark Sipos, LFG Tax Services Director From maximizing tax-advantaged savings accounts to donating to charity, here are strategic tax moves to consider before year-end. Tax Day may still be months away, but there are plenty of tax-planning strategies you can consider before then to help manage your 2024 tax bill. In fact, certain tasks should not—or in some cases cannot—wait until next year, lest you miss out on potentially important tax-saving opportunities. Here are the top strategies to consider before December 31—and those you can ponder until Tax Day. Tax-planning strategies to consider by year-end Be sure to take all your required minimum distributions (RMDs). Generally, taxpayers age 73 or older must take minimum distributions from your tax-deferred retirement accounts by the end of the year. Individuals who reached RMD age in 2024 have until April 1 to take their first distribution. Maximize contributions to your workplace retirement plan First and foremost, if your employer matches contributions, be sure to contribute enough to your tax-deferred workplace retirement plan to get the full amount. consider contributing the maximum allowed—$23,000 ($30,500 if age 50 or older) in 2024 for 401(k)s and similar plans if you have the means. Not only can this help reduce your taxable income for the current year and boost your overall savings, but doing so can also be a great
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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