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business1d ago
Get ahead of next year's taxes: 6 moves to make right now
- Tax withholding should be checked now and adjusted if needed to avoid surprises next spring.
- Increasing traditional retirement contributions lowers current taxable income and boosts future savings.
- HSAs and FSAs can reduce taxable income if eligible and appropriately used.
- Track deductible expenses throughout the year to ensure you don’t miss itemized deductions.
- For investments, consider long-term gains versus short-term gains to manage taxes.
- Tax-loss harvesting can help offset gains and reduce current-year taxes.
- Be aware of crypto reporting changes and track cost basis and transfers.
- Life changes such as marriage, children, or relocation can affect tax planning.
- A year-end tax-planning checklist helps prepare for potential deductions and credits.
- Separate strategies for investments, record-keeping, and retirement can compound savings.
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