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Michael A. Milazzo, CLU, ChFC
Registered Principal
The Meridian Financial Company
3350 Club Villas Dr SE, Unit #1303
Southport, NC 28461
Phone: 631-979-4223
Fax: 910-854-0002
Email: meridian@ae.cadaretgrant.com
Website: www.merfinco.com
Ideally, you have strived to minimize your taxes all year. Good news! Here are some year-end strategies that may help cut your tax bill even more. Before implementing these or any yearend strategies, talk with your tax advisor.
Do the opposite if, for example, you expect to lose a dependent, have a spouse taking leave, suffer business losses, etc., and will have less taxable income in 2025.
Before bunching any expenses into 2024, consider your overall tax brackets for this tax year and 2025. If you anticipate income increasing enough in 2025 to put you in a higher bracket, it may make sense to postpone a deduction.
Family
2024 = $8,300
2025 = $8,550
Additional Catchup (for those 55 and older)
2024 = $1,000
2025 = $1,000
Make sure your 2024 expectations were reasonable based on your and the charity’s timescale for change and the nature of the work. Consider how giving more might increase impact and reduce taxes.
If you’re retired, check out this option for increasing 2024 gifts—a direct individual retirement account distribution to charity. The distribution is potentially excludable from income and can satisfy your individual retirement account required minimum distributions for 2024.
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Securities and Advisory Services offered through Cadaret, Grant & Co, Inc, a Registered Investment Advisor and Member FINRA/SIPC. The Meridian Financial Company and Cadaret, Grant & Co., Inc. are separate entities. I am registered to sell Securities in the following States: NY, NJ, PA, NC, FL, ID.
The Meridian Financial Company and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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