Your itemized deductions are greater<\/strong> You want to delay payment of tax<\/strong><\/p>\n <\/p>\n Consider accelerating income and\/or postponing deductions if<\/strong><\/p>\n The standard deduction is greater<\/strong> You\u2019re subject to alternative minimum tax<\/strong> <\/p>\n If you are age 73 or older, you generally must take required minimum distributions (RMDs) from your traditional IRAs and employer-sponsored retirement plans (an exception may apply if you\u2019re still working for the employer sponsoring the plan). Take any distributions by the date required \u2014 the end of the year for most individuals. The penalty for failing to do so is substantial: 25% of any amount that you failed to distribute as required (10% if corrected in a timely manner). Beneficiaries are generally required to take annual distributions from inherited retirement accounts (and under certain circumstances, a distribution of the entire account 10 years after certain events, such as the death of the IRA owner or the beneficiary); there are special rules for spouses.<\/p>\n Though you shouldn\u2019t let tax considerations drive your investment decisions, it\u2019s worth considering the tax implications of any year-end investment moves. For example, if you have realized net capital gains from selling securities at a profit, you might avoid being taxed on some or all of those gains by selling losing positions. Any losses above the amount of your gains can be used to offset up to $3,000 of ordinary income ($1,500 if your filing status is married filing separately) or carried forward to reduce your taxes in future years.<\/p>\n This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. \u00a9 2024 Broadridge Financial Solutions, Inc.<\/p>\n","protected":false},"featured_media":1396,"template":"","meta":{"_acf_changed":false},"newsletter-category":[33],"class_list":["post-1395","newsletter","type-newsletter","status-publish","has-post-thumbnail","hentry","newsletter-category-december"],"acf":[],"yoast_head":"\n![\"\"](\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_24123_Year-End-2024-Tax-Tips-BLUE-3.jpg\")
You expect to be in a lower tax bracket next year<\/strong>
\n(perhaps you\u2019ll retire next year)<\/strong><\/p>\n
\nthan the standard deduction this year<\/strong><\/p>\n![\"\"](\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_24123_Year-End-2024-Tax-Tips-PURPLE-2.jpg\")
You expect to be in a higher tax bracket next year<\/strong>
\n(perhaps you have a lower income this year)<\/strong><\/p>\n
\nthan your itemized deductions this year<\/strong><\/p>\n
\nthis year and certain deductions are disallowed<\/strong><\/p>\n
\nTake any required distributions<\/h2>\n
Weigh year-end investment moves<\/h2>\n