What are some effective strategies for year-end tax planning?
An example of an AI chatbot conversation about year-end tax planning strategies.
What are some effective strategies for year-end tax planning?
Some effective strategies include maximizing retirement contributions, harvesting tax losses, and reviewing your withholding.
How can I maximize my retirement contributions?
You can contribute the maximum allowed to your 401(k) or IRA, and consider catch-up contributions if you're over 50.
What is tax-loss harvesting?
Tax-loss harvesting involves selling investments at a loss to offset capital gains, reducing your taxable income.
Are there any deductions I should be aware of?
Yes, common deductions include mortgage interest, state taxes, and charitable contributions. It's good to review all potential deductions.
When should I start planning for next year's taxes?
It's best to start planning early, ideally at the beginning of the year, to take advantage of all available strategies.
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