There's still time to reduce your tax bill or boost your refund for 2022, according to financial experts. But the deadline is approaching.
But with the year nearly over, it's easier to estimate 2022 income and see how the conversion may affect your taxes, said Kevin Burkle, a Jacksonville, Florida-based CFP and founder of HCP Wealth Planning.With a higher standard deduction since 2018, you're less likely to itemize deductions on your tax return —The reason is that you choose the standard deduction or itemized deductions on your return, whichever is greater.
One way to optimize charitable giving is to "bunch" multiple years of gifts into one through a so-called, explained Philip Herzberg, a CFP and lead financial advisor at Team Hewins in Miami. The account acts like a charitable checkbook and offers an upfront deduction. The best investments to give are "highly appreciated publicly-traded stocks," he said. You'll avoid the capital gains taxes you'd otherwise owe from selling, which reduces levies while "maximizing philanthropic impact," he said.
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