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1021223-00006-00
David Miller, MS, CFP®, CRPC®
Financial Advisor
CA Insurance Lic. #0G61348
Prudential Advisors
1706 Plum Lane, Suite 128
Redlands, CA 92374
Phone: 909-709-9978
Email: david.miller@prudential.com
Ideally, you have strived to minimize your taxes all year. Good news! Here are some year-end strategies that may help cut your tax bill even more. Before implementing these or any yearend strategies, talk with your tax advisor.
Do the opposite if, for example, you expect to lose a dependent, have a spouse taking leave, suffer business losses, etc., and will have less taxable income in 2025.
Before bunching any expenses into 2024, consider your overall tax brackets for this tax year and 2025. If you anticipate income increasing enough in 2025 to put you in a higher bracket, it may make sense to postpone a deduction.
Family
2024 = $8,300
2025 = $8,550
Additional Catchup (for those 55 and older)
2024 = $1,000
2025 = $1,000
Make sure your 2024 expectations were reasonable based on your and the charity’s timescale for change and the nature of the work. Consider how giving more might increase impact and reduce taxes.
If you’re retired, check out this option for increasing 2024 gifts—a direct individual retirement account distribution to charity. The distribution is potentially excludable from income and can satisfy your individual retirement account required minimum distributions for 2024.
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