Our 2 Cents

On this episode of Our 2 Cents, Steve and Gabriel discuss various end-of-year tax planning topics to consider before 2023 comes to a close. But first, they're sharing educational and festive Thanksgiving fun facts!Thanksgiving Fun Facts:Talking Turkey: The states that have towns named 'Turkey,' how many turkeys are prepared each Thanksgiving, a Butterball Turkey Talk line, and more turkey facts.History facts about this long-standing tradition that you might not know.End-of-Year Tax Planning Tips:The potential benefit of itemizing deductions, such as mortgage interest and charitable contributions, and "bunching" deductions to maximize tax savings.The benefits of tax-loss harvesting, contributing to 529 plans, and taking Required Minimum Distributions (RMDs).The advantages of Roth conversions, maximizing IRA contributions, and conducting a withholding analysis to avoid under-withholding penalties.