Tax Prep for The New Year & Navigating Financial Landscapes
Hosts: Catherine Magaña, CFP® (Managing Partner), Steve Wolff, CFP® (Managing Partner), Greg Carroll, CFP® (Wealth Advisor), Rachel Ivanovich (Tax Strategist and Wealth Advisor).
What does the $1.8 billion Realtor lawsuite mean for real estate?
- The hosts dive into a discussion about the recent Realtor lawsuit concerning real estate fees, exploring its implications on the industry and potential impacts on the real estate market.
- The team analyzes current interest rate trends and their effects on the market.
Economic Slowdown and Possible Recession:
- An overview of the economic landscape, addressing concerns about a slowdown and the potential for a recession.
Planning Tips to Prepare for Next Year:
- The hosts offer valuable tips for financial planning in the upcoming year, emphasizing proactive measures to secure financial well-being.
A detailed exploration of tax planning strategies in preparation for the new year.
- Flexible Spending Account (FSA):
- Assessing the FSA balance to make informed decisions about healthcare expenses.
- W-2 Withholding:
- Guidance on checking and adjusting W-2 withholdings for optimal tax outcomes.
- Retiree Considerations:
- Advising retirees to stay ahead by fulfilling estimated tax payments to avoid penalties.
- Capital Gains and Losses:
- Cautionary advice on offsetting large gains with losses and navigating wash sale rules.
- Required Minimum Distributions (RMDs):
- Ensuring RMDs are met to avoid penalties and stay in compliance with retirement account regulations.
- Salary Deferrals, IRA Contributions, and Donations:
- Discussing strategies such as salary deferrals, IRA contributions, and charitable donations to optimize tax benefits.
- Gifting and Appreciated Stock:
- Exploring gifting limits, charitable distributions, and the potential advantages of donating appreciated stock to charity.
The episode wraps up with a recap of key insights and a reminder to stay proactive in your financial planning.
Episode Recorded on 11/20/2023
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