Save Money With Smart Year-End Tax Planning

It’s smart to review your tax strategy and planning to keep more money in your pocket. Use the checklist below as a starting point to see what might apply in your situation.Maximize contributions to your employer retirement accounts (401k, 403b, etc) ✅Maximize contributions to your Individual Retirement Accounts (IRA) ✅Top off your Health Savings Account (HSA) ✅Take your Required Minimum Distributions (RMD) ✅Consider making a Qualified Charitable Contribution (QCD) ✅Use a Donor Advised Fund to implement a bunching strategy. ✅Consider a Roth Conversion (or multi-year Roth Conversion strategy) ✅Tax Loss Harvesting: sell investments at a loss to offset gains. ✅Tax Gain Harvesting: sell gains if you are in a low tax bracket. ✅Make sure to use your Flexible Spending Account (FSA) money. ✅Can you defer income to 2022 to save on taxes?  [might not be a good idea based on potential increasing tax brackets]✅You can give away 100% of your income as a Cash donation in 2021! ✅Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/