Here are some maneuvers that are especially useful at the end of the year.
We know it doesn’t sound like fun. But trust us. A little advance planning will almost always help you reduce the taxes you owe. Here are some maneuvers that are especially useful come year’s end.The most basic form of year-end planning involves pushing tax bills into the future by deferring income into the next year and accelerating deductions into the current year. One example would be to postpone an IRA withdrawal, another would be to prepay your Jan. 1 home mortgage interest in December.
If you have both unrealized gains and losses in your portfolio, but want to make some sales, here is how to match them to best effect. Last but not least, remember you can further reduce taxes by telling your broker to sell your highest-cost shares when unloading part of your holdings in a stock. Using this “specific ID method” requires you to identify the shares to be sold by specifying their cost and purchase dates. You must also receive a written confirmation of your instructions from the broker or keep a record of your oral instructions. Put this in your tax file for safekeeping.
IRA withdrawals can be taken to pay qualified higher education expenses for you, your spouse, or your child or grandchild without owing the 10% penalty.
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