Want to know how you can reduce your tax liability this coming tax season? Take a look at the Top four Deductions that can still make a difference before January:
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Tax loss harvesting — Selling depreciated securities allows you to harvest losses that can then be used to offset sizeable gains from the sale of stocks.
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Retirement plan contributions — Maximize your retirement contributions or enroll in a retirement plan if you don’t already have one.
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Health savings account (HSA) contributions — You can deduct contributions to your HSA, and investment earnings are tax-deferred until withdrawn. As a bonus, the amounts you withdraw are tax-free when used to pay medical bills.
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Donations — Property, as well as money, can be donated to charity. Generally, you can take a deduction for the fair market value of the property; however, for certain property, the deduction is limited to your cost basis.
Additional investments, such as tax-smart wealth management, can further reduce your taxable income. Contact me today to find out more about how you can prepare for tax season.
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