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Year-End Tax Planning: What to Know NOW to Pay Less Taxes in 2024 [Video]

Finance for Women

Year-End Tax Planning: What to Know NOW to Pay Less Taxes in 2024

Episode #477

With 2024 right around the corner, it’s time for a final year-end tax planning push! There are all kinds of ways to pay less to the IRS, and today’s guest is here to help you save as much money as possible!

Welcome back to the “BiggerPockets Money” podcast! Today, we’re joined by certified public accountant and financial planner Sean Mullaney. In this episode, Sean delivers a thorough breakdown of everything you should be doing to lower your tax burden for not only 2023 but also over your entire lifetime. While there are many moves you can make before this year’s filing deadline, you don’t have to make them all at once. Sean shares how most tax moves fall into one of three “buckets”—moves that should be handled urgently, by year-end, or in early 2024.

Whether you’re rushing to tie up loose ends in 2023 or looking to maximize retirement savings, Sean offers a variety of helpful tax tips for those in different phases of life. You’ll learn how to reap the tax benefits of donor-advised funds, how to time a Roth conversion, and how to avoid giving the IRS a large interest-free loan!

Show Notes at:
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DISCLAIMER: “The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Scott, Mindy, BiggerPockets, and the BiggerPockets Money podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services.”

00:00 Intro

01:06 Lifetime Tax Opportunities

08:23 Donor-Advised Funds 101

13:29 Roth Conversion Strategy

17:58 MORE “Urgent” Tax Moves

22:07 Year-End Tax Moves

27:41 What to Do by April 15

30:21 Tax Planning in 2024

32:22 Essential Tax Tips

38:20 Connect with Sean!

38:50 SLASH Your Lifetime Tax Burden!

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