Tag #Tax Planning

Showing 13 to 16 of 16 results

cnbc.com

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Dec 27, 16:11

Last-Minute Tax Savings Strategies for 2024

Before the December 31st deadline, taxpayers can lower their 2024 tax bill by maximizing 401(k) contributions (up to \$23,000, or \$30,500 for those 50 and older), employing tax-loss harvesting to offset investment losses against gains, and utilizing tax credits for energy-efficient home improvement...

Last-Minute Tax Savings Strategies for 2024

Before the December 31st deadline, taxpayers can lower their 2024 tax bill by maximizing 401(k) contributions (up to \$23,000, or \$30,500 for those 50 and older), employing tax-loss harvesting to offset investment losses against gains, and utilizing tax credits for energy-efficient home improvement...

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How does tax-loss harvesting work, and what are its limitations?

These strategies, beneficial regardless of income level, allow for proactive tax planning before the April filing deadline. Maximizing retirement contributions lowers taxable income directly, while tax-loss harvesting offers a more nuanced approach to offsetting investment losses against gains. Tax credits incentivize specific purchases, such as energy-efficient home improvements and electric vehicles, offering further tax reduction opportunities.

nbcnews.com

🌐 65% Global Worthiness

Dec 17, 01:11

Year-End Tax Strategies to Reduce 2024 Tax Liability

Individuals can lower their 2024 tax bill or raise their refund by maximizing Health Savings Account (HSA) contributions up to $4,150 (self) or $8,300 (family) and donating appreciated assets to charities before the December 31 deadline.

Year-End Tax Strategies to Reduce 2024 Tax Liability

Individuals can lower their 2024 tax bill or raise their refund by maximizing Health Savings Account (HSA) contributions up to $4,150 (self) or $8,300 (family) and donating appreciated assets to charities before the December 31 deadline.

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What are the most impactful year-end tax strategies for reducing 2024 tax liability?

Year-end tax planning allows taxpayers to reduce their 2024 tax bill or increase their refund by utilizing strategies before the December 31 deadline. Key strategies include maximizing contributions to Health Savings Accounts (HSAs) and donating appreciated assets to charity.

theglobeandmail.com

🌐 65% Global Worthiness

Dec 18, 13:13

Tax Planning Strategies for Single, Older Canadians

Single, older Canadians face unique tax challenges in retirement, lacking income-splitting and tax-deferral options available to couples; strategic planning with TFSAs, RRSPs, CPP, OAS, and GIS is crucial to maximize income and security.

Tax Planning Strategies for Single, Older Canadians

Single, older Canadians face unique tax challenges in retirement, lacking income-splitting and tax-deferral options available to couples; strategic planning with TFSAs, RRSPs, CPP, OAS, and GIS is crucial to maximize income and security.

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How can single, older Canadians strategically utilize TFSAs, RRSPs, CPP, OAS, and GIS to optimize their retirement income and mitigate the tax implications?

The article highlights the complexities of tax planning for single, older Canadians. Key strategies discussed include maximizing tax-free savings accounts (TFSAs), carefully considering RRSP contributions based on income bracket and potential future withdrawals, and strategically timing CPP and OAS benefits to maximize retirement income.

forbes.com

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Dec 4, 01:06

Uncertainty Remains on Estate Tax Future Despite Republican Control

With Republicans controlling the White House and Congress, the future of the 2017 Tax Cuts and Jobs Act's $13.61 million estate tax exemption, expiring in 2025, is uncertain, necessitating proactive estate planning given potential budgetary challenges and Senate procedures.

Uncertainty Remains on Estate Tax Future Despite Republican Control

With Republicans controlling the White House and Congress, the future of the 2017 Tax Cuts and Jobs Act's $13.61 million estate tax exemption, expiring in 2025, is uncertain, necessitating proactive estate planning given potential budgetary challenges and Senate procedures.

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What are the immediate implications of the Republican control of the White House and Congress on estate tax planning?

The 2017 Tax Cuts and Jobs Act's estate tax exemption, currently $13.61 million, is set to expire on December 31, 2025. Republicans aim to extend it, but the process faces hurdles, including potential budgetary constraints and the need for Senate approval. This uncertainty necessitates careful estate planning.

Showing 13 to 16 of 16 results