Adams Wealth Advisors’ Post

As year-end approaches, take advantage of a few money moves to generate tax savings and optimize your financial standing. To-do lists get long this time of year, so prioritize these time-sensitive actions to move you closer to your long-term goals. Significant opportunities exist in three buckets: tax and charitable planning; estate planning; and investment and retirement planning. Here are some highlights: 1. Tax and Charitable Planning · Manage Tax Bracket Variability · Donate Appreciated Securities, Not Cash · Satisfy Required Minimum Distributions (RMDs) via a Qualified Charitable Distribution (QCD) · Harvest Losses in Taxable Investment Accounts · Analyze Mutual Fund Year-End Capital Gain Distributions 2. Estate Planning · Review Estate Plans and Consider Using the Lifetime Gift Tax Exemption · Make Annual Exclusion Gifts 3. Investment and Retirement Planning · Revisit Portfolio Allocations and Longer-Term Investment Objectives · Assess Portfolio Tax-Efficiency · Maximize Retirement Contributions To read the article and see important disclosures, click here: https://lnkd.in/epMpDafn Scott Storey, Preston Dillard, CAIA, Will Thomas, CFP®, Cindy Cogbill, Will Beck, Peter Fryer #3ChoptInvestmentPartners #3ChoptInvest #yearendmoneymoves #taxsavings #investment #rva

Here’s a fact: Year-end tax planning can make a huge difference in your financial success! 💸 Don’t wait until the last minute—there are key items you should review now to maximize your savings. 🔍 What’s the Deal? As the year comes to a close, taking a closer look at your finances can help you optimize your tax situation and set yourself up for a successful new year. 🎯 Key Areas to Focus On: Tax Deductions: Identify and maximize all possible deductions. Retirement Contributions: Make sure you’re on track with your IRA or 401(k) contributions. Charitable Giving: Give back and lower your tax bill at the same time. 😎 Want to finish the year strong? Don’t miss out on these crucial year-end tax tips! 💡 Check out our latest blog to ensure you’re fully prepared for a successful financial close: Year-End Tax Planning: Key Items to Review for a Successful Financial Close #YearEndPlanning #TaxTips #FinancialSuccess #TaxDeductions #RetirementPlanning #CharitableGiving #WealthManagement #SmartFinance #TaxStrategy #BossLadyFinance

Here’s a fact: Year-end tax planning can make a huge difference in your financial success! 💸 Don’t wait until the last minute—there are key items you should review now to maximize your savings. 🔍 What’s the Deal? As the year comes to a close, taking a closer look at your finances can help you optimize your tax situation and set yourself up for a successful new year. 🎯 Key Areas to Focus On: Tax Deductions: Identify and maximize all possible deductions. Retirement Contributions: Make sure you’re on track with your IRA or 401(k) contributions. Charitable Giving: Give back and lower your tax bill at the same time. 😎 Want to finish the year strong? Don’t miss out on these crucial year-end tax tips! 💡 Check out our latest blog to ensure you’re fully prepared for a successful financial close: Year-End Tax Planning: Key Items to Review for a Successful Financial Close #YearEndPlanning #TaxTips #FinancialSuccess #TaxDeductions #RetirementPlanning #CharitableGiving #WealthManagement #SmartFinance #TaxStrategy #BossLadyFinance

As we approach the mid-year mark and some of us have paid our income tax bill for 2023, it happens to be just in time to start planning for next year’s bill. Some items to consider when planning for 2024 are listed as follows: 1. Stay Informed on Tax Law Changes: Tax laws can change frequently. Ensure you're up-todate to take advantage of new opportunities and avoid any surprises. 2. Maximize Deductions and Credits: Review your financial activities to identify all eligible deductions and credits. This can significantly reduce your tax liability. 3. Investment Review: Assess your portfolio for tax efficiency. Consider the timing of capital gains and losses, and leverage tax-advantaged accounts. 4. Retirement Planning: Ensure your retirement contributions are optimized. Don't forget about required minimum distributions (RMDs) if you're of age. 5. Charitable Giving: Strategically plan your charitable donations to maximize tax benefits while supporting causes you care about. 6. Business Tax Strategies: For business owners, revisit your business structure and expenses to ensure tax efficiency. By proactively planning and staying informed, you can optimize your tax situation and set yourself up for financial success. Need help navigating your tax planning? Let's connect as I have various plans in place you can leverage to keep some of your hard earned finances in your pocket! 😁 #TaxPlanning #FinancialPlanning #InvestmentStrategy #RetirementPlanning #BusinessFinance #CharitableGiving

✨ Tax Planning for the New Year: Strategies for Success ✨ The new year is the perfect time to take control of your financial future. Effective tax planning can make a significant difference in how much of your hard-earned money stays with you or your business. Here are a few strategies to consider as we head into the new year: ✅ Maximize Contributions to Retirement Accounts Take full advantage of 401(k)s, IRAs, or other retirement plans. Contributions not only grow tax-deferred but can also reduce your taxable income. ✅ Review Income Deductions From business expenses to medical costs, ensure you're claiming all eligible deductions. For businesses, accelerating expenses or deferring income can help manage tax liabilities. ✅ Make Charitable Donations Generosity pays! Donations to qualified charities can often be deducted from your taxable income while making a positive impact. ✅ Consider Tax-Loss Harvesting For investors, selling underperforming assets can offset gains elsewhere, potentially lowering your tax burden. ✅ Stay Informed on Tax Code Changes Tax laws evolve, and keeping up with changes ensures you’re not leaving money on the table—or exposing yourself to risks. 💡 Pro Tip: Consult a tax professional for personalized advice. A strategic plan tailored to your goals can uncover opportunities you might not even be aware of. The clock is ticking, but with thoughtful preparation, you can set yourself up for a financially sound year ahead. 💬 What’s your go-to tax planning tip? Let’s discuss below! #TaxPlanning #FinancialGoals #NewYear #BusinessGrowth

📅 Year-End Tax Planning: Maximize Your Returns 📅 As we approach the end of the year, it's crucial to take a moment to review your financial situation and prepare for tax season. Effective tax planning can help you maximize your returns and minimize your liabilities. Here are some essential tips to consider: - Max Out Retirement Contributions: Increase your contributions to retirement accounts like your 401(k) or IRA to reduce your taxable income and boost your savings for the future. - Harvest Tax Losses: Review your investment portfolio for any opportunities to sell off underperforming stocks to offset gains with losses, a strategy known as tax-loss harvesting. - Defer Income: If possible, defer bonuses or other income into the next year to decrease your taxable income for this year, especially if you expect to be in a lower tax bracket next year. - Charitable Donations: Donations to qualified charities can be deducted from your income. Consider making donations before the year ends to increase your deductions. - Use Flexible Spending Accounts (FSAs): Don’t forget to use up your FSA funds as these contributions are use-it-or-lose-it and can be used for medical expenses, reducing your taxable income. - Plan Ahead: Taking these steps can significantly affect your financial health positively. #TaxPlanning #EndOfYearFinance #FinancialPlanning #TaxSeason

It's almost 2025. Don't miss the opportunity to minimize your taxes as the year comes to a close! Here are a few strategies to consider: ✅ Maximize Retirement Contributions: 401(k) limits are up to $23,000 for 2024, plus $7,500 in catch-up contributions if you’re 50+. ✅ Tax-Loss Harvesting: Offset gains by selling underperforming investments and save on taxes. ✅ Charitable Giving: Explore Donor-Advised Funds (DAFs) or bunching contributions to maximize deductions. ✅ Health Savings Accounts (HSAs): Potential for triple tax benefits with contributions, growth, and withdrawals. Don’t leave money on the table! Consult a professional to ensure your strategy aligns with your financial goals. End the year strong to make 2024 your best financial year yet! #TaxPlanning #FinancialStrategy #WealthManagement

💰 Tax Tips for Financial Freedom! 💡 🔹 Tax-Saving Strategies: Maximize retirement contributions, claim tax credits, and consider investing in municipal bonds for tax-exempt interest. 🔹 Minimizing Tax Liability: Utilize tax-advantaged accounts like 401(k)s, IRAs, and HSAs, and don't forget about deductions for charitable donations and business expenses. 🔹 Benefits of Tax-Advantaged Accounts: Enjoy tax deferral, tax-free growth, employer matching, compounded growth, and secure your retirement with these savvy investment options. Take charge of your finances and minimize your tax burden for a brighter financial future! 💪💼 #TaxTips #FinancialFreedom #InvestSmart #RetirementPlanning

✨ Tax Planning for the New Year: Strategies for Success ✨ The new year is the perfect time to take control of your financial future. Effective tax planning can make a significant difference in how much of your hard-earned money stays with you or your business. Here are a few strategies to consider as we head into the new year: ✅ Maximize Contributions to Retirement Accounts Take full advantage of 401(k)s, IRAs, or other retirement plans. Contributions not only grow tax-deferred but can also reduce your taxable income. ✅ Review Income Deductions From business expenses to medical costs, ensure you're claiming all eligible deductions. For businesses, accelerating expenses or deferring income can help manage tax liabilities. ✅ Make Charitable Donations Generosity pays! Donations to qualified charities can often be deducted from your taxable income while making a positive impact. ✅ Consider Tax-Loss Harvesting For investors, selling underperforming assets can offset gains elsewhere, potentially lowering your tax burden. ✅ Stay Informed on Tax Code Changes Tax laws evolve, and keeping up with changes ensures you’re not leaving money on the table—or exposing yourself to risks. 💡 Pro Tip: Consult a tax professional for personalized advice. A strategic plan tailored to your goals can uncover opportunities you might not even be aware of. The clock is ticking, but with thoughtful preparation, you can set yourself up for a financially sound year ahead. 💬 What’s your go-to tax planning tip? Let’s discuss below! #TaxPlanning #FinancialGoals #NewYear #BusinessGrowth

✨ Tax Planning for the New Year: Strategies for Success ✨ The new year is the perfect time to take control of your financial future. Effective tax planning can make a significant difference in how much of your hard-earned money stays with you or your business. Here are a few strategies to consider as we head into the new year: ✅ Maximize Contributions to Retirement Accounts Take full advantage of 401(k)s, IRAs, or other retirement plans. Contributions not only grow tax-deferred but can also reduce your taxable income. ✅ Review Income Deductions From business expenses to medical costs, ensure you're claiming all eligible deductions. For businesses, accelerating expenses or deferring income can help manage tax liabilities. ✅ Make Charitable Donations Generosity pays! Donations to qualified charities can often be deducted from your taxable income while making a positive impact. ✅ Consider Tax-Loss Harvesting For investors, selling underperforming assets can offset gains elsewhere, potentially lowering your tax burden. ✅ Stay Informed on Tax Code Changes Tax laws evolve, and keeping up with changes ensures you’re not leaving money on the table—or exposing yourself to risks. 💡 Pro Tip: Consult a tax professional for personalized advice. A strategic plan tailored to your goals can uncover opportunities you might not even be aware of. The clock is ticking, but with thoughtful preparation, you can set yourself up for a financially sound year ahead. 💬 What’s your go-to tax planning tip? Let’s discuss below! #TaxPlanning #FinancialGoals #NewYear #BusinessGrowth