Maximize Tax Savings: Year-End Steps for Big 2023 Benefits

As the year-end approaches, there are several tax-saving strategies to consider. The Inflation Reduction Act offers tax credits for energy-efficient home improvements and electric vehicle purchases. Other strategies include maximizing contributions to 401(k) accounts, making charitable donations, and utilizing tax-loss harvesting. Seniors should be aware of the required minimum distribution (RMD) rules for retirement accounts. It's important to take advantage of these opportunities before December 31 to maximize tax savings.