Tax Prep for The New Year & Navigating Financial Landscapes

The WWM Financial Podcast

Hosts: Catherine Magaña, CFP® (Managing Partner), Steve Wolff, CFP® (Managing Partner), Greg Carroll, CFP® (Wealth Advisor), Rachel Ivanovich (Tax Strategist and Wealth Advisor).

Episode Highlights:

What does the $1.8 billion Realtor lawsuit mean for real estate?

- The hosts dive into a discussion about the recent Realtor lawsuit concerning real estate fees, exploring its implications for the industry and potential impacts on the real estate market.

Interest Rates:

- The team analyzes current interest rate trends and their effects on the market.

Economic Slowdown and Possible Recession:

- An overview of the economic landscape, addressing concerns about a slowdown and the potential for a recession.

Planning Tips to Prepare for Next Year:

- The hosts offer valuable tips for financial planning in the upcoming year, emphasizing proactive measures to secure financial well-being.

Tax Planning:

A detailed exploration of tax planning strategies in preparation for the new year.

- Flexible Spending Account (FSA):

o Assessing the FSA balance to make informed decisions about healthcare expenses.

- W-2 Withholding:

o Guidance on checking and adjusting W-2 withholdings for optimal tax outcomes.

- Retiree Considerations:

o Advising retirees to stay ahead by fulfilling estimated tax payments to avoid penalties.

- Capital Gains and Losses:

o Cautionary advice on offsetting large gains with losses and navigating wash sale rules.

- Required Minimum Distributions (RMDs):

o Ensuring RMDs are met to avoid penalties and stay in compliance with retirement account regulations.

- Salary Deferrals, IRA Contributions, and Donations:

o Discussing strategies such as salary deferrals, IRA contributions, and charitable donations to optimize tax benefits.

- Gifting and Appreciated Stock:

o Exploring gifting limits, charitable distributions, and the potential advantages of donating appreciated stock to charity.

Closing Thoughts:

The episode wraps up with a recap of key insights and a reminder to stay proactive in your financial planning.

Episode Recorded on 11/20/2023.

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The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly.