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IRA Financial Blog

4 Key Year-End Tax Tips You Need to Know – Episode 417

Adam Talks

In this episode of Adam Talks, Adam Bergman, Esq. will discuss tips to help you save on your taxes including harvesting losses, Roth conversions, maximizing your 401(k) contributions, and tax-free gifts to children.

4 Key Year-End Tax Tips You Need to Know

In this episode of Adam Talks, tax attorney Adam Bergman discusses four key year-end tax tips. The first tip involves harvesting losses and deductions, including using capital losses to offset ordinary income and considering the 30-day wash rule for selling stocks. The second focuses on Roth IRA conversions, emphasizing the benefits of converting assets to Roth IRA at a lower tax rate. next he encourages maximizing contributions to 401(k) and 529 plans before the year ends. Finally, the fourth tip highlights the opportunity for tax-free gifts to children, utilizing the annual gift exclusion of $17,000 per person.

Bergman elaborates on the tax strategies for each tip, emphasizing the importance of strategic planning based on individual financial circumstances. He emphasizes the benefits of these strategies, such as reducing taxable income, maximizing tax-free growth, and taking advantage of the unified credit. Additionally, he discusses the relevance of these tips in the context of high education costs, estate planning, and the potential impact of future changes in tax laws.

This episode conveys Bergman’s enthusiasm for sharing these tips with the audience, expressing his hope that the information will be helpful. He encourages individuals to consider how these strategies can benefit them in the current year and beyond, demonstrating a commitment to providing practical and valuable tax advice. Overall, the discussion provides a comprehensive overview of year-end tax planning strategies, offering actionable insights for individuals to optimize their tax situations.

To learn more about these strategies, be sure to listen to the entire podcast!


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