Our 2 Cents
Episode 157: Talking Turkey and Tax Planning
Nov 17, 2023
Our2centspodcast
On this episode of Our 2 Cents, Steve and Gabriel discuss various end-of-year tax planning topics to consider before 2023 comes to a close. But first, they're sharing educational and festive Thanksgiving fun facts!
- Thanksgiving Fun Facts:
- Talking Turkey: The states that have towns named 'Turkey,' how many turkeys are prepared each Thanksgiving, a Butterball Turkey Talk line, and more turkey facts.
- History facts about this long-standing tradition that you might not know.
- End-of-Year Tax Planning Tips:
- The potential benefit of itemizing deductions, such as mortgage interest and charitable contributions, and "bunching" deductions to maximize tax savings.
- The benefits of tax-loss harvesting, contributing to 529 plans, and taking Required Minimum Distributions (RMDs).
- The advantages of Roth conversions, maximizing IRA contributions, and conducting a withholding analysis to avoid under-withholding penalties.