Maximize Your Savings: Essential Year-End Tax Tips You Can’t Miss!

As the countdown to the new year begins, it’s time to shift gears and start thinking about your taxes! Yes, I know—taxes are the last thing on your mind while you’re enjoying holiday festivities. But don’t worry, we’ve got some game-changing tips that can make a significant difference in your tax bill for 2024. Join me as we dive into these crucial strategies with a tax pro from Withum, right here in sunny Boca Raton.

First off, let’s talk about being proactive. The clock is ticking, and there’s still time to take action! One of the most beneficial moves you can make is to consult your tax advisor for a preliminary tax projection. Knowing where you stand means you can implement strategies that put more money back in your pocket.

Now, if you’re wondering what you can do in these final hours, here’s a power tip: **Tax Loss Harvesting**. If you’ve had any capital gains this year from your investments, consider selling off some underperforming stocks to offset those gains. You have just two days left to make these transactions, so don’t miss out on potential savings!

Next up: **Retirement Contributions**. If you’re part of a 401(k) plan, this is your golden opportunity! Max out your contributions—$23,000 if you’re under 50, and an additional $7,500 if you’re over. Not in a 401(k)? No problem! You can still contribute up to $7,000 to an IRA, plus catch-up contributions if you qualify. Reach out to your financial advisor now—time is of the essence!

Another savvy strategy? **Roth IRA Conversions**. If your investments have taken a hit this year, converting from a traditional IRA to a Roth IRA could be a smart move. This could mean paying taxes now for tax-free withdrawals down the line. And remember, Roth IRAs don’t require distributions, making them a great estate planning tool.

And for our new Floridian friends, you might be wondering about tax implications in the Sunshine State. The good news? Florida doesn’t impose a state income tax! However, if you’re switching residency, keep track of your days spent in other states to avoid unwanted tax liabilities.

As you wrap up this year, consider making donations or reallocating funds. With all the technology at our disposal, it’s never been easier to manage your finances and make impactful decisions. So, let’s make these last 48 hours count!

Thank you for tuning in, and here’s to a prosperous New Year! If you want to dive deeper into these tax tips, visit our website at WPBF.com and search for “End of the Year Tax Tips.” You’ve got this!