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Terry Nelson, CFP®, ChFC®, CASL
Olmsted Financial Group
3428 Lakeridge Pl. N.W., Suite 120
Rochester, MN 55901
Phone: 507-281-1262
Cell: 507-250-3967
Fax: 507-281-9131
Email: Terry@OlmstedFinancialGroup.com
November/December 2023
Three Ways To Lower Your Taxes
Delayed RMD Start Date
The age at which you must start taking required minimum distributions from qualified plans increased from 72 to 73 in 2023. So, if you don’t need the distribution, you can wait the extra year to begin taking RMDs.
"Qualify" Your Contributions
Speaking of qualified plans, make the maximum contribution to lower your taxable income for the year. If you own a business and were considering adding a qualified plan for employees, do so by year-end for possible tax credits and deductions. Your financial professional can help in this area.A "Capital" Idea
The markets were volatile this year. If you sold investments for a loss, deduct them from gains. If your capital losses exceed your capital gains, you can deduct up to $3,000 in realized losses. Remember, you can use losses carried over from previous years and carry over losses exceeding $3,000 to the next tax year. Talk to your tax professional to learn more.
Securities and Advisory services offered through Geneos Wealth Management, Inc. Member FINRA/SIPC.
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