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As the year comes to a close, it’s the perfect time to take control of your finances and optimize your tax savings. Here are five strategic steps to consider before December 31:

Review Capital Gains and Losses

Offset gains with losses by selling underperforming investments. If losses exceed gains, you can use up to $3,000 to reduce ordinary income, with the rest carried forward to future years.

Max Out Retirement Contributions

If you have financial flexibility, increase your contributions to tax-advantaged accounts like Solo 401ks or IRAs. These not only lower your taxable income but also grow tax-free over time.

Plan Charitable Donations

Donations of cash or appreciated assets can lower taxable income. A donor-advised fund can allow you to lock in deductions now while planning gifts over time.

Use Your Annual Gift Exclusion

You can gift up to $18,000 per person tax-free for 2024. This is an easy way to share wealth and reduce your taxable estate. You must be under your annual lifetime gift limit of $13.61M.

Revisit Estimated Payments

Avoid penalties by ensuring your estimated taxes align with the “lesser of” rule: pay 110% of last year’s liability or 90% of your current year’s liability. If your income is higher this year, consider paying based on last year’s liability and investing the difference in short-term fixed income instruments.

Proactively tackling these strategies can set you up for financial success in the new year. Consult your tax advisor to ensure these tips align with your individual goals.

Ready to learn more or take advantage of these strategies? Carry is here to make your year-end tax planning less stressful.

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Whether you're a side hustler, entrepreneur, or creator, now’s the time to take control of your finances. Here’s how it works:

• Sign up for a new Carry account by Monday, December 2 at Midnight

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What’s Happening at Carry?

Here’s what you can expect in the coming weeks

See the full list of events here. ⏰

A Solo 401(k)'s suitability depends on individual circumstances. This statement reflects our opinion based on the Solo 401(k)'s combination of high contribution limits, investment flexibility, and tax advantages for eligible individuals. "Most powerful" in this context refers to the potential for high contributions and tax-advantaged growth, not guaranteed performance. The actual benefits and suitability of a Solo 401(k) vary significantly based on individual circumstances, including income level, age, and financial goals. Other retirement accounts may be more appropriate in certain situations. This claim is not intended to imply superiority for all individuals or circumstances. Qualified financial and tax professionals should be consulted to determine the most suitable retirement strategy for your unique situation.

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If you want more resourceson building wealth as a solopreneur/entrepreneur, check these out:

• The Solo 401k handbook

• The Roth IRA handbook

• The Self-Directed IRA handbook

• The Guide to Paying Less in Taxes

• What is a Solo 401k?

• How to Open a Solo 401k