Year-End Financial Strategies: Tax Moves and Planning Essentials

As the year-end approaches, individuals can optimize their tax strategies by using tax software to simulate various financial moves, such as harvesting tax losses, making Roth IRA conversions, and adjusting retirement contributions. These actions can have complex effects on tax liabilities due to the intricate nature of tax rules. By experimenting with different scenarios using software, taxpayers can better understand potential outcomes and make informed decisions to minimize their tax bills. It's advisable to act now, either by consulting a tax professional or using software, to take advantage of these strategies before the year ends.