On Episode 13, host Joe Allaria covers "13 Year-End Financial Strategies" to consider before we enter into 2023.
Here are the 13 strategies with links to resources mentioned:
1. Contribute to employer-sponsored retirement plans
https://www.investopedia.com/retirement/401k-contribution-limits/
2. Contribute to a Health Savings Account (HSA)
https://www.irs.gov/pub/irs-dft/p969--dft.pdf
3. Spend the rest of Flex Spending Account (FSA)
https://www.investopedia.com/terms/f/flexiblespendingaccount.asp
4. Make charitable contributions (with appreciated stock and/or donor advised funds)
https://carsonallaria.com/2021/12/11/charitable-donations-using-stock-not-cash/
5. Bunch your medical expenses (if applicable)
https://www.irs.gov/taxtopics/tc502
6. Tax-loss harvesting
https://www.investopedia.com/terms/t/taxgainlossharvesting.asp
7. Gain harvesting
https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates
8. Roth IRA conversions
https://www.investopedia.com/terms/i/iraconversion.asp
9. IRA contributions (deadline is April 18th, 2023)
https://www.irs.gov/retirement-plans/ira-year-end-reminders
10. Consider a large business expense
11. Do a withholding analysis (especially for retirees)
12. Make sure you take your Required Minimum Distribution (RMD)
https://www.investopedia.com/terms/r/requiredminimumdistribution.asp
13. Gift to child or family member for estate tax reduction purposes
https://www.nerdwallet.com/article/taxes/gift-tax-rate
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Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.
