Tax hacks to consider before 2025
Experts have detailed six tax strategies to consider as the year comes to an end.
The experts cited in the article indicated that the ways in which different tax rules — including benefits, phase-outs, credits and surtaxes — are interconnected and could impact individuals’ taxes.
Among the strategies included harvesting capital losses that remain unrealized, converting pretax individual retirement accounts to Roth IRAs as well as contributing to a donor-advised fund and distributing the money over time. Further, individuals aged 70.5 years and older can send qualified charitable distributions of up to $105,000 per year to a charity from an IRA. The experts suggested that individuals can also contribute up to $23,000 of their salary per year into a 401(k) and adjust their last W-2 withholding to be larger to avoid an underpayment penalty.
The experts suggested purchasing tax software to model different tax scenarios or scheduling an appointment with a licensed tax professional to receive advice on optimizing taxes.
Read more: Forbes
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