Tax Tips
Remain on track with these tax saving tips and planning review points
Plan and Strategize
- Defer income into January 2025
- Harvest capital loses to offset capital gains
- Swap double tax-exempt MN bonds / bond funds for underperforming assets
- Make estimated tax payments - due 1/15/25 – get projection to stay on schedule
- Adjust your W-4 to increase withholding
- Elect to withhold tax directly from your social security
- Meet with your financial planners and advisors
Business Opportunities
- Pay deductible business expenses in December 2024 and purchase equipment
- Self – employed pensions: check out SEP and SIMPLE retirement accounts
- Collect auto repair and maintenance receipts for 2024, update mileage logs
Remember
- Request your RMD if you’ve passed the age threshold
- Contribute your maximum to your Health Savings Account (HSA)
- Make year-end elections for cafeteria plans/flexible spending accounts
- Max out your 401(k) contribution for 2024 earnings
- Tax-free gift up to $18,000 per person in 2024
- Deductible IRA contributions for 2024 due 4/15/25
- Energy Efficient Home Improvement Credit and Residential Clean Energy Credit
- Review monthly statements for errors and potential fraud