Year-end tax planning is a key part of any solid wealth management strategy. There are generally some good end-of-year money moves that can help lower your tax liability for the year and reduce your taxable burden when filing season comes around. For 2021, however, the landscape has changed.
Thanks to a number of potential changes to the tax code, year-end tax planning is more complex this year. For example, in a normal year you may want to maximize your deductions—but if income tax rates increase in 2022, you may be better off deferring those deductions until next year in order to maximize the amount you can save. This article from Kiplinger shares some key tax planning insights you should consider before making any strategic moves.
This article was written by Kiplinger, an entity unrelated to HoyleCohen, LLC. The information herein is intended for educational purposes and has been selected by HoyleCohen due to the timeliness of the subject matter.
