Tax planning is critical, especially when it comes to the end of the year. Luckily, there are several tax-saving techniques to consider, both new and tried-and-true, to help maximize your savings.
- Strategically utilize the standard deduction
- Repay your deductible expenditures, if itemizing
- Deduct sales taxes on major year-end purchases, if itemizing
- Prepay college tuition bills
- Consider deferring income to 2014
- Sell loser stocks held in taxable accounts
- Set up loved ones to pay 0% on investment income
- Convert a traditional IRA into a Roth IRA
- Donate to charity
These strategies may not be applicable to every person or every situation nor are these strategies all-encompassing, but by taking advantage of pertinent tax-saving moves before the end of the year, you’ll be prepared for the maximum return.
To learn more about each of these tax-saving opportunities, read the Weaver newsletter article, Nine Bright Year-End Tax Planning Strategies for Individuals.