Tax Spot
Year-End Tax Strategies: Key Moves to Minimize Liabilities and Maximize Savings
As the end of the year approaches, it’s an ideal time for individuals and businesses to review their financial strategies and make moves to minimize their tax liabilities. Here are some key areas to focus on as the year winds down.
- Leveraged Charitable Deditotions
- Donor Advised Funds (DAF)
- Qualified Charitable Distributions (QCDs)
- Leveraged In-Kind Donations
- Solar Energy Tax Credit
- Offset Passive Income
- Sell the ITC for cash to increase your liquidity and wealth
- Participate in Jet or Equipment Leasing
- You may be eligible for accelerated Depreciation under IRC 162
As you approach year-end, taking the time to review and implement these strategies can provide significant tax-saving opportunities and enhance your financial position moving into the new year. These moves can help reduce your taxable income, increase liquidity, and build long-term wealth. Be sure to consult with a tax advisor to tailor these strategies to your specific situation.
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