The end of the year is coming! Now is a great time to take a look at your financial house and see how you can save money on taxes.
1. Contribute to your IRA.
Your IRA contribution may be tax deductible. This tax deduction holds true if you currently do not participate in an employer’s retirement plan. Even if you can’t take the full deduction, all of the growth in your IRA will grow tax deferred. It can help make your compounding opportunities more powerful.
2. If you have prior investment losses, you can use them against current investment gains.
Do you have losses from years past? They carry over from prior years and can be used against gains this year. It may make sense for you to sell some of your investments with gains, offset those gains with prior losses and not have or lower your taxable gains.
See if either of these two ideas will help you keep some money in your pocket!
It is of crucial importance that you seek the advice of a tax advisor before executing any of the above suggestions. Each individual’s situation is different.
Sharon L. Herman AAMS, ADPA is the CEO of Silver Key Wealth Management, and affiliated with LPL Financial. www.silverkeywealth.com
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Silver Key Wealth Management, a registered investment advisor and separate entity from LPL Financial.
Ms. Herman may only discuss and/or conduct transact securities business with residents of FL, MI, GA, VA, NJ, TX. www.finra.org. www.sipc.org