Morning Blend on Mater Dei Radio: “End of Year Tax Planning”
With the end of another calendar year approaching, it’s time to consider taxes. Even though not all tax-related tasks need to be completed by the end of the year, it’s important to keep this on your radar so you don’t find yourself in a pinch!
There are a few top priorities to consider when discussing year end taxes. Taxable investment accounts and whether you’ve had losses or gains. Consider capital gains taxes if you have mutual funds in taxable accounts.
Talking with a tax advisor is a good way to get your specific questions answered. They can also help guide you on how to handle quarterly tax payments vs. annual tax payments.
Charitable contributions can help reduces your taxes. A Donor Advised Fund is a great way to save yourself on taxes while still making donations. This fund allows you to set aside money to give in the future and avoid it being taxed. It can get you a nice tax break down the road too.
Consider contributing as much as you can to your IRAs and 401ks before the end of the year. Boosting your retirement savings before the end of the year is never a regret!
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About the Morning Blend on Mater Dei Radio
Mater Dei Radio is a Catholic broadcasting apostolate dedicated bringing souls to Jesus through the Blessed Virgin Mary. We hope your faith will be inspired and deepened through our 24-hour radio broadcast, original shows and podcasts, community calendar, social media, and more!
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