Maximize Your Investing Strategy in the Stock Market Before the 2024 Election
Sunday, 29 September 2024, 03:18
Maximize Your Tax Strategy Before Year-End
With the 2024 election approaching, investing decisions are more relevant than ever. BNY Mellon advises investors to evaluate their tax strategy carefully.
8 Key Tax-Reducing Actions
- Accelerate income into 2024 to benefit from current tax rates.
- Defer investment income to avoid crossing the NIIT threshold.
- Consider cashing out real estate sales for future tax benefits.
- Maximize contributions to your retirement accounts this year.
Tax-loss harvesting can offset capital gains. Traders should liquidate losses by December 31 but remember to avoid the wash-sale rule. Also, keep an eye on potential changes in retirement legislation.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.