Rich Habits Podcast 89: Our Favorite Tax-Saving Strategies for 2024
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Nov 4, 2024 Join Steve Latham, CEO of DonateStock, as he shares insights on maximizing charitable contributions through stock donations while enjoying significant tax advantages. The discussion dives into effective year-end tax-saving strategies like tax loss harvesting and Health Savings Accounts. Learn how donating appreciated stock can reduce taxable income, making charitable giving more impactful. Plus, discover smart tax strategies for remote workers, including home office deductions, and get tips on wise investments to navigate market volatility.
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Use Tax-Loss Harvesting Before Year-End
- Do harvest investment losses before year-end to offset realized capital gains and lower your 2024 tax bill.
- If you lack gains, sell up to $3,000 of losses to offset ordinary income each year.
Max Out A Triple-Tax-Advantaged HSA
- Contribute to an HSA if you have a qualifying high-deductible plan to get triple tax benefits: deduction, tax-free growth, and tax-free medical withdrawals.
- Max out the 2024 HSA contribution ($4,150 individual; $8,300 family) to reduce taxable income now.
Donate Appreciated Stock Instead Of Cash
- Donate appreciated stock directly to a 501(c)(3) to deduct the fair market value and avoid capital gains taxes on the appreciation.
- Limit gifts to IRS deduction rules (roughly 30% of AGI for appreciated stock) and donate amounts that fit your goals.