Maximize Your Financial Benefits Before the New Year
Originally Published 2 years ago — by Forbes
As the end of the tax year approaches, there are still strategies you can employ to reduce your 2023 tax bill. One option is to fund your retirement accounts, such as a 401(k) or IRA, to defer taxable income and grow your nest egg. Additionally, making charitable contributions can lower your taxable income while allowing you to support causes you care about. Another tactic is to harvest losses by selling losing stocks to offset gains. Going green can also provide tax benefits, such as clean vehicle tax credits for purchasing electric vehicles or fuel cell vehicles, and energy-efficient home improvement credits. Lastly, consider borrowing from family members to reduce interest rates and preserve tax breaks.