Enjoying the show? Support our mission and help keep the content coming by buying us a coffee: https://buymeacoffee.com/deepdivepodcastThe calendar is flipping, and with December 31st fast approaching, it’s time for your critical year-end financial check-up! Don't leave money on the table. This episode unpacks the most powerful tax and wealth management strategies you need to minimize your liability and maximize your savings for the 2025 tax year.
We break down the essential changes introduced by the landmark One Big Beautiful Bill Act (OBBBA). The OBBBA has significantly altered the landscape, particularly by increasing the State and Local Tax (SALT) deduction cap and boosting the standard deduction. We guide you through the crucial decision of reevaluating whether you should still be itemizing or if taking the standard deduction now provides a greater financial benefit. This single decision could save you thousands.
A core focus is on investment strategy. We reveal the art of tax-loss harvesting, a critical technique for minimizing investment taxes. Learn how to strategically sell securities at a loss to offset capital gains and even up to $3,000 of ordinary income—all while meticulously avoiding the pitfalls of the wash sale rule. Missing this simple deadline could cost you a huge write-off!
Beyond investments, we cover key contribution and distribution deadlines. We walk you through maximizing contributions to powerful tax-advantaged savings vehicles like Health Savings Accounts (HSAs) for future medical costs and 529 education plans for family education. Plus, we issue a vital reminder: ensure you take your Required Minimum Distributions (RMDs) from retirement accounts before the December 31st deadline to avoid stiff penalties.
For those with philanthropic goals, we discuss the strategic advantage of donating appreciated assets to gain a powerful dual tax benefit. And for high-net-worth individuals, we touch on complex but powerful methods like 1031 exchanges for real estate.
This episode is packed with timely, actionable advice. However, given the complexity of the OBBBA and the rules discussed, we uniformly caution you to seek advice from a qualified financial professional before making any major financial decisions. Get informed and finish your year strong!