With the holidays quickly approaching and the end of the year on the horizon, now is the time for some last minute ideas to help reduce the tax bill that may be looming.
Get rid of stocks that are down. If you have any invested money that did not favor you this year, it might be time to end it. If you have capital gains, the losses could offset your earnings, reducing or eliminating any tax you owe.
Donate to charity. Once you have completed all of your shopping for the holidays, if you have money leftover, donate it to charity organization(s). Maybe even consider donating to a charity before you do your holiday shopping, that way you are already in the spirit! You do not have to donate money; most charities will accept household items and clothing that is in good condition. If you itemize, you can deduct your charitable gifts.
Now is the time to think about your current tax situation and determine your financial needs. Maybe deliberate hiring a professional to help you make those decisions.
To help you make any decisions, set up an appointment with us today! We can be reached at (403) 910-5355 or at firstname.lastname@example.org!