Smart Tax Planning Moves You Need to Make
Maximize tax savings with expert advice on income tax planning steps for your tax return. Join FinStream's Bob Powell and Lisa Featherngill from Comerica Wealth Management.
Key Takeaways
- Run a tax projection now comparing your 2024 income and deductions to your withholding and estimated payments; aim for 90% of 2024 tax or 110% of 2023 tax bill to avoid underpayment penalties
- Use withholding (rather than estimated payments) on year-end bonuses or increased RMD withdrawals in Q4 to minimize underpayment penalties, since withholding is deemed paid throughout the year
- Execute tax loss harvesting by selling losing positions to offset gains, but respect the 30-day wash sale rule before repurchasing—this includes purchases in stock plans and retirement accounts
- Donate appreciated stock held over 1 year to charity to deduct the full market value without recognizing capital gains; current standard deductions are $29,200 (married), $14,600 (single), $21,900 (head of household)
- Use multi-year charitable giving strategy: accelerate 2025 charitable contributions into 2024 to itemize deductions this year, then take the standard deduction next year to maximize total tax benefits
Income Tax Planning Steps to Consider Now
Are you wondering what Smart Tax Planning Moves You Need to Make for your upcoming tax return? Proper tax planning can help you save money and avoid costly penalties.
Expert Insights on Multi-Year Tax Planning
In this informative video, Bob Powell from FinStream is joined by Lisa Featherngill, the National Director of Wealth Planning at Comerica Wealth Management. Together, they dive into essential tax planning strategies, including:
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Maximizing tax deductions
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Utilizing tax loss harvesting— a strategy that involves selling investments at a loss to offset gains and reduce taxable income. For more detailed information on how investing affects your taxes, visit the SEC’s official guide on investing and taxes.
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Minimizing underpayment penalties
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Implementing multi-year tax planning techniques
Why Smart Tax Planning Matters
Taking proactive steps with your tax return helps you:
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Reduce your overall tax burden
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Avoid surprises at tax time
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Ensure compliance with tax regulations
Watch the Free FinStream Tax Planning Video
Gain valuable knowledge from this free FinStream video on Smart Income Tax Planning Steps
Watch now Finstreams Smart Tax Planning Moves You Need to Make: FinStream Tax Planning Video
Explore More Tax Planning Resources
For additional expert advice and strategies, visit FinStream’s Tax Planning Center to find more videos and helpful content to guide your tax planning journey.
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