Episode Notes

1. Buy capital assets now before the first of 2024. The amount you can deduct on assets in their first year is decreasing from 80% to 60%. This means you’ll want to buy capital equipment this year so you can deduct more of that cost.
2. Consider a wash sale of individual stocks that are behind this year. A wash sale is where you sell your stock and take a capital loss. You can then offset against capital gains or take up to $3,000 of that loss against your ordinary income. Once you sell the stock, wait 30 days. Then you can buy the stock back. This is a good way to take advantage of losses and get a tax benefit from doing that.
3. Max out your contributions to your 401k plans and any IRA plans that you have.