Hi Reader,
Most people don’t think about taxes until it’s time to file, but waiting can cost you.
The smartest taxpayers use year end planning to stay ahead of the IRS and keep more of what they earn.
Here are a few areas to focus on as 2025 winds down:
✅ Independent contractors – set aside cash for self employment tax.
✅ Capital gains – the difference between short and long term holding periods can mean huge savings.
✅ Tax loss harvesting – use investment losses to offset gains.
✅ Mutual fund distributions – watch for year end payouts that could trigger unexpected taxes.
✅ Retirement planning – maximize 401(k) or other work related retirement plan contributions before December 31.
✅ RMDs & QCDs – required minimum distributions can be managed strategically to reduce taxable income.
Small moves now can lead to big savings later. If you wait until April, it’s too late to plan, you’re just reporting history.
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David N. Waldrop, CFP®
Owner of Bridgeview Capital Advisors, Inc. a Registered Investment Advisor.
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