Three Year-End Financial Moves to Make Right Away

[Inside Wall Street with Nomi Prins]( Maria’s Note: Are you waiting for New Year’s Day to make financial resolutions? If so, you’ll want to read today’s guest essay closely… It comes from our friends over at Palm Beach Daily. In it, analyst Michael Gross shares three simple steps you can take this holiday season – that can help you on your path to financial success in 2024… --------------------------------------------------------------- Three Year-End Financial Moves to Make Right Away By Michael Gross, Analyst, Palm Beach Daily Most people wait for the new year to make major financial moves. But there are several last-minute steps you should consider taking before January 1. They could make a huge difference to your bottom line in 2024 and beyond. So, before time runs out, here are three year-end moves you should consider right now. These can save you thousands of dollars… No. 1: Think About Tax Loss Harvesting For any open losses in your portfolio, consider selling them before year’s end so you can deduct the losses on tax day. If you also managed to book gains this year, your losses can offset the gains on a dollar-for-dollar basis with no limit. And if you recorded more losses than gains – or no gains at all – you can use those losses to offset some ordinary income up to a limit of $3,000 ($1,500 if married and filing separately). Better yet, you can carry additional losses forward for future tax years. Doing this before year-end is a no-brainer if you have losing positions you don’t expect to recover. You’ll not only get a tax break, but you can also take the proceeds from the sale and reinvest them in other investments you like better. Even if you have underwater positions you’d like to continue holding for the long term, you might still consider selling them at a loss for the tax advantage. Just be careful. You must wait more than 30 calendar days before buying back those same positions for the loss to count on your tax form. If you buy back sooner than 30 days, the IRS applies what is known as a “wash sale” rule. This means it will not recognize a loss if you’ve bought replacement stock within 30 calendar days before or after selling your losing position. On the other hand, if you wait 31 days, the loss still counts for tax purposes. The real risk is that the stock could rebound over those 30 days, and you’d miss out… But I’d consider taking the chance depending on the position. And the 30-day wash sale rule does not currently apply to crypto since it’s considered property. That means you can sell a crypto at a loss, lock in the deduction, and then immediately repurchase the crypto without losing the deduction. So, if you have the chance to use this tax trick, consult your tax adviser and consider acting before the new year. Recommended Link [Man Paid $1.5 Million by Google Reveals How to Profit from their New AI Project]( [image]( See the document above? It’s a pay stub showing that Google paid tech expert Colin Tedards over $1.5 million dollars in 2022 (through their holding company XXVI Holding Inc.) And now Colin says Google is entering a new era that could make you rich. It’s all thanks to the return of Google’s billionaire founders Sergey Brin and Larry Page. They retired three years ago… But now they’re back to help launch Google’s biggest artificial intelligence project yet. And this Google millionaire says he’s found a way for you to profit from this new AI project right from your brokerage account. [Click here for the full story.]( -- No. 2: Consider Charitable Giving If you have items you no longer want, now is a great time to bring them to your local charity… It’s also a great time to fund your favorite cause through the gift of cash or an investment like stock or crypto. Because if you itemize these gifts, your charitable donations will also be deductible come tax day on April 15. Even if you don’t itemize, you can still deduct up to $300 for cash gifts to qualified organizations. For more details, [click here](. Suffice it to say, this is one of those rare tax items that helps you do well for yourself by doing good for others. No. 3: Take One Last Look at Your Retirement Accounts Retirement accounts also provide some level of tax advantages… But there are a few things to consider. IRAs can be opened all the way up until April 15, 2024, in order to still provide advantages for the 2023 tax year. But other types of accounts – like 401(k) plans – must be established and funded by December 31. So, if you’ve been procrastinating, you’ll need to decide before the end of the year. Opening or funding an account now could provide more money for the future… the possibility of matched contributions from your employer… plus a nice tax break on your 2023 taxes. Meanwhile, if you’re self-employed, I would strongly recommend you consider a solo 401(k). They provide even higher overall contribution limits than the standard 401(k) plan. This is also the time to consider implementing any changes to existing accounts – for example, converting a traditional IRA to a Roth. By all means, enjoy the holidays… But don’t do it at the expense of simple steps that could set you up for serious tax savings this year, and benefits in the new year and beyond. Best Wishes and Happy New Year, Michael Gross Analyst, Palm Beach Daily P.S. There’s another move you’ll want to make before the end of the year – and that’s to position yourself in trends that can radically move the needle on your net worth. One idea we believe has that potential is artificial intelligence (AI). And Daily editor Teeka Tiwari has uncovered his favorite AI play for 2024. Recently, Teeka trekked to the hottest desert on the planet to visit a facility supplying technology for Elon Musk’s latest AI venture. He believes this technology could trigger the biggest boom in history… All the while giving you, the early investor, a chance to completely transform your financial future. [You can learn more right here.]( --------------------------------------------------------------- Like what you’re reading? Send your thoughts to [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=Inside Wall Street Feedback). MAILBAG What steps will you be taking in the new year to help grow your finances? What are some of your financial goals in 2024? Write us at feedback@rogueeconomics.com. IN CASE YOU MISSED IT… [New Cash Law Will Be Disaster for Savers]( New law has expert warning seniors and retirees to beware. There's a darker truth behind this political event... 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