Year end tax strategies financial tips

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 if you would like us to help you to identify some tax strategies that may work for you.

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Picture of Peter Thoms, CFA, MBA

Peter Thoms, CFA, MBA

Peter Thoms, CFA, founded Orion Capital Management LLC in April 2002. Peter has extensive experience managing investment portfolios for clients pursuing a wide range of financial goals.

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