Orion Capital Management LLC
1330 Orange Ave., Ste 302
Coronado, CA 92118
p: 619-319-0520
f: 855-691-0427
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Disclosure: Orion Capital Management LLC (“Orion”) is an investment advisor registered with the U.S. Securities and Exchange Commission (SEC). The firm offers advisory services in the State of California and in other jurisdictions where registered or exempted. Registration does not imply a certain level of skill or training. The information on Orion’s website or in its distributed commentary shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons or entities of another jurisdiction unless otherwise permitted by statute. Orion’s individualized responses to consumers in a particular state in the rendering of personalized investment advice for compensation shall not be made without the firm first complying with jurisdiction requirements or pursuant to an applicable state exemption.
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Your 2023 Year-end Tax Strategy Checklist
For most people, paying taxes and buying a house are the two biggest expenses of their lifetimes. The tax code is complex and ever-changing, so it pays to plan carefully.
Depending on your situation, here are several tax strategies that may be helpful:
Contribute to a Retirement Account
An easy way to trim your tax bill is to contribute to a tax-deferred retirement account such as an IRA, 401(k) or, if your situation permits, a defined benefit pension plan.
Tax-Loss Harvesting
See if you have opportunities in your portfolio to realize capital losses to offset any capital gains you may have realized (or that your mutual fund manager has realized).
Optimize Asset Location to Minimize Tax Bite
Ensure your different assets are held in the most favorable type of account. (For example, high-yield bonds are best housed in tax-deferred or tax-free accounts.)
Charitable Donations
If you need to make a Required Minimum Distribution (RMD) from your IRA and are charitably inclined, consider making a Qualified Charitable Distribution. Not only will you help a favored charity, but you will not owe tax on the distribution.
Consider a Roth Conversion
Depending on your circumstances, now might be an opportune time to convert some or all of your Traditional IRA assets to your Roth IRA.
Please contact us at 619-319-0520 or thoms@orioncapitalmgmt.com if you would like us to help you to identify some tax strategies that may work for you.
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