Tax Prep for The New Year & Navigating Financial Landscapes

The Savvy Doc Podcast

Hosts: Catherine Magaña, CFP® (Managing Partner), Steve Wolff, CFP® (Managing Partner), Greg Carroll, CFP® (Wealth Advisor), Rachel Ivanovich (Tax Strategist and Wealth Advisor).

Episode Highlights:

What does the $1.8 billion Realtor lawsuit mean for real estate?

- The hosts dive into a discussion about the recent Realtor lawsuit concerning real estate fees, exploring its implications for the industry and potential impacts on the real estate market.

Interest Rates:

- The team analyzes current interest rate trends and their effects on the market.

Economic Slowdown and Possible Recession:

- An overview of the economic landscape, addressing concerns about a slowdown and the potential for a recession.

Planning Tips to Prepare for Next Year:

- The hosts offer valuable tips for financial planning in the upcoming year, emphasizing proactive measures to secure financial well-being.

Tax Planning:

A detailed exploration of tax planning strategies in preparation for the new year.

- Flexible Spending Account (FSA):

o Assessing the FSA balance to make informed decisions about healthcare expenses.

- W-2 Withholding:

o Guidance on checking and adjusting W-2 withholdings for optimal tax outcomes.

- Retiree Considerations:

o Advising retirees to stay ahead by fulfilling estimated tax payments to avoid penalties.

- Capital Gains and Losses:

o Cautionary advice on offsetting large gains with losses and navigating wash sale rules.

- Required Minimum Distributions (RMDs):

o Ensuring RMDs are met to avoid penalties and stay in compliance with retirement account regulations.

- Salary Deferrals, IRA Contributions, and Donations:

o Discussing strategies such as salary deferrals, IRA contributions, and charitable donations to optimize tax benefits.

- Gifting and Appreciated Stock:

o Exploring gifting limits, charitable distributions, and the potential advantages of donating appreciated stock to charity.

Closing Thoughts:

The episode wraps up with a recap of key insights and a reminder to stay proactive in your financial planning.

Episode Recorded on 11/20/2023.

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