Nine Bright Tax Planning Strategies for Individuals

Tax planning is critical, especially when it comes to the end of the year. Luckily, there are several tax-saving techniques to consider, both new and tried-and-true, to help maximize your savings.

  1. Strategically utilize the standard deduction
  2. Repay your deductible expenditures, if itemizing
  3. Deduct sales taxes on major year-end purchases, if itemizing
  4. Prepay college tuition bills
  5. Consider deferring income to 2014
  6. Sell loser stocks held in taxable accounts
  7. Set up loved ones to pay 0% on investment income
  8. Convert a traditional IRA into a Roth IRA
  9. Donate to charity

These strategies may not be applicable to every person or every situation nor are these strategies all-encompassing, but by taking advantage of pertinent tax-saving moves before the end of the year, you’ll be prepared for the maximum return.

To learn more about each of these tax-saving opportunities, read the Weaver newsletter article, Nine Bright Year-End Tax Planning Strategies for Individuals.