Year-End Tips to Reduce Your 2024 Taxes: You Must Act Soon

You may be able to reduce your 2024 taxes if you act soon and before December 31, 2024.

In our new issue of Eye on Money we have included several year-end tax tips and strategies for individuals.

While some tips are straightforward, others require a deeper dive to tailor them to your particular situation.

  • Tax credits for purchasing an electric vehicle.  There are two federal tax credits available which may knock a few thousand dollars off the cost of purchasing an electric or plug-in hybrid vehicle.   
  • Giving the gift of education.  Don’t miss this one if you want to help a loved one save or pay for college. This article looks at three tax-smart ways to go about it.
  • Deducting charitable contributions.  Giving to charity not only benefits the causes you care about, it may also benefit your tax situation. Here are five things to know about deducting charitable contributions on your tax return.

Also in this issue, you can learn why you may want to convert to a Roth IRA soon if you’ve been considering it. Plus, you can test your knowledge of investment account types, travel vicariously to sunny Sydney, Australia, learn about a few national parks you may not have heard of, and see if you can identify some scenic locations in our latest quiz.

Click here or on the image below to read it in its entirety.

You can also refer to our affiliated CPA firm *Davis & Hodgdon CPAs recent article Individual Year-End Planning Tips.

At Copper Leaf Financial we firmly believe that tax strategizing is a critical component of developing a solid financial plan and investment strategy. In fact, one of our special areas of focus is charitable giving. Copper Leaf Financial Wealth Advisors frequently assist clients with their philanthropic efforts including the setup of donor-advised funds among many other strategies.

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Recipients should not act on the information presented without seeking prior professional advice.

*Copper Leaf Financial is an affiliated and separately registered entity.