Is there anything you can be doing now to save some on your taxes when you file next year? Why is it important to look at these strategies?
Mike is joined by Justin Meade, CFP®, CRPC®, CKA®, to discuss some strategies you may want to consider at the end of the year to maximize your deductions on your tax return. They answer questions like:
- What is your marginal tax bracket. and why is it important?
- How does knowing your adjusted gross income (AGI) play into your tax strategy?
- How does “bunching deductions” work?
- What are some advantages of giving through a Donor Advised Fund?
- Are long term care premiums or assisted living expenses deductible?
- What about property taxes or SALT (state and local tax)?
They also discuss how the election results may or may not affect your tax planning strategies, the pros and cons of a ROTH conversion, Qualified Charitable Distributions (QCDs), and capital gains.
Click here to read the article Justin recently wrote on this subject!
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