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March 31, 2020

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Nine Year-End Strategies to Limit Taxes

December 10, 2015

 

As a reminder here are some year-end strategies to limit your 2015 taxes:

 

1) Tax-free gift limits. Be sure to keep any cash gifts to a single individual below the $14,000 threshold in a calendar year, and below the lifetime exclusion limit of $5,430,000.

 

2) Accelerate income if possible to absorb losses that cannot be carried over into future tax years; conversely defer income to reduce taxable income in the current year.

 

3) Be sure to spend your funds in your health savings account.

 

4) Donate unused clothing and other personal items to charity.

 

5) If you are required to take a minimum distribution from your IRA to avoid a penalty, do so.

 

6) Take capital losses in order to offset the year's capital gains. If you don't have any losses, attempt to defer realizing investment gains. Note that investments sold to generate losses cannot be repurchased within 30 days.

 

7) Maxing out contributions to retirement plans.

 

8) Consider making early payment of property taxes.

 

9) If you have a pending medical procedure and you would exceed the 10% adjusted gross income floor for medical deductions, consider having it done before the end of the year.

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