8 Must Know Year-End Tax Saving Strategies | The Limitless Retirement Podcast

Repair The Roof - Estate & Retirement Planning Podcast

In this conversation, Danny Gudorf, a financial planner, discusses eight powerful year-end tax saving strategies that can significantly impact your tax liabilities.He emphasizes the importance of these strategies in light of the impending expiration of the Tax Cuts and Jobs Act of 2017.
The strategies include retirement plan contributions, tax loss and gain harvesting, Roth IRA conversions, charitable giving techniques, and qualified charitable distributions. Each strategy is designed to help individuals optimize their tax situation and save money as they approach the end of the year.

Takeaways:

• Year-end tax planning is crucial to maximize savings.
• Retirement plan contributions can provide immediate tax benefits.
• Tax loss harvesting can offset capital gains and ordinary income.
• Tax gain harvesting allows for realizing gains without tax liability.
• Roth IRA conversions can lead to tax-free growth in the future.
• Charitable giving can be optimized through direct stock donations.
• Donor-advised funds offer flexibility in charitable contributions.
• Bunching deductions can maximize tax benefits in high-income years.
• Qualified charitable distributions can reduce taxable income for retirees.
• Strategic planning is essential to navigate tax implications effectively.

Resources:

• Gudorf Financial Group
• Get Your Free Retirement Assessment
• The Retire Ready Toolkit (free resource)
• Subscribe on Youtube

Chương

1. Year-End Tax Planning Importance (00:00:00)

2. Retirement Plan Contributions (00:02:55)

3. Tax Loss and Gain Harvesting (00:06:10)

4. Roth IRA Conversions (00:09:00)

5. Charitable Giving Strategies (00:11:50)

6. Qualified Charitable Distributions (QCDs) (00:15:10)