The end of 2024 is here! We are working with some of our clients to finish their year end planning items so we thought we would share the top 6!
- Retirement contributions – last minute contributions to make sure something is put away or to max it out!
- Charitable donations – if you plan to make a large donation before year end, consider a donor advised fund (DAF)! You get the full deduction now, but you don’t have to decide which charities it goes to. https://www.schwab.com/donor-advised-fund
- 529 education savings – In Georgia, you can deduct up to $8,000 / child on your state tax return.
- ROTH conversions – In some cases, it makes sense to convert your pre-tax IRA to a post-tax ROTH IRA.
- Family giving – you can give up to $18,000 ($36,000 if married) to a family member with no estate implications (and the gift is tax free to the recipient).
- Tax planning – understand your estimated taxable income and if there is anything you can do that will have a large impact. For example, make a charitable donation which reduces your taxable income so you receive certain tax credits.
We are not tax professionals so be sure and consult your CPA / tax advisor before implementing any of these strategies!