Year-End Tips to Reduce Your 2023 Taxes: You Must Act Soon
You may be able to reduce your 2023 taxes if you act soon and before December 31, 2023.
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.
- Control the timing of income and deductions. You could potentially reduce your taxes by timing when you receive taxable income and pay deductible expenses.
- Leverage the use of retirement plan accounts and Health Savings Accounts (HSAs) as tax savings tools. See also: Health Savings Accounts as a Retirement/Investment Vehicle
- Harvest investment losses to reduce your tax liability. See also: Tax-Loss Harvesting: Making Lemonade out of Lemons
- New in 2023: Enhanced energy tax credits could save you as much as $1,200!
- Consider bundling your charitable contributions if it enables you to itemize deductions, or consider using a donor-advised fund as a tax-savvy strategy to give. See also: Tax-Savvy Giving: Using a Donor-Advised Fund for Your Charitable Giving
These are just a few of the tax savings tips included in our new issue. 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.
Recipients should not act on the information presented without seeking prior professional advice.
*Copper Leaf Financial is an affiliated and separately registered entity.