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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

November/December 2024

Act Now! Year-end Tax-Saving Opportunities

Marking checkbox of now, next, later and tomorrow. Choices to tick off with copy space. Concept of decision making do it now and time management.

As the year draws to a close, it's time to maximize your current year's tax deductions and other tax planning opportunities. Here's a brief checklist of moves you can make to help reduce current or future tax exposure.


Pre-pay Business Expenses
You may be able to reduce your 2024 tax bill by pre-paying certain business expenses before the year's end. For example, you can renew subscriptions, pay ahead for advertising, business insurance premiums, rent, business licenses, and other items that don't extend more than 12 months. Some other year-end moves that could cut your tax bill include:


Maintenance
Repair broken equipment and physical plant items by the end of the year.


Invest in Equipment
Buy business equipment and put it into service by year's end. Your business can deduct the entire cost of qualified equipment up to a purchase limit of $1,220,000 for tax year 2024.


Maximize QBI Deductions
If you meet certain income limits, owners of S corporations, partnerships, and sole proprietorships may deduct up to 20% of qualified business income (QBI). For tax year 2024, eligibility for the deduction begins to phase out at income levels of $182,100 for single filers and $364,200 for joint filers.* If you're over the income threshold, consider finding some more deductions.


Contribute to Retirement Accounts
Make matching contributions to employee 401(k)s.


Contribute to Health Savings Accounts (HSAs)
Employer contributions to employee HSAs, including your own, are deductible to the employer.


Deduct Losses
Scour your financials to find every deduction to which you are entitled. See your tax professional for details.


Give to Charity
Even donated equipment, computers or inventory may provide a useful year-end tax deduction.


Above all, be proactive. Book your appointment with your tax professional well before the end of the year so you don't have to scramble.


*Exceptions apply for certain service businesses.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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