2022 tax deadline is right around the corner, I don’t do taxes and I’m not here to give you professional advice of what to do, but here are some things that I’d do to be tax conscious around April 18th:
- First, check out your consolidated 1099s. What is your dividend and qualified dividend amount? Note that qualified dividends are taxed at a lesser rate.
- Second, what kind of capital gains did your non-qualified portfolio spin off and how much extra is this costing you in taxes? One idea to consider would be moving to a more tax conscious portfolio that keeps capital gains to a minimum.
- Third, if you owe taxes, can you contribute to a tax deductible IRA? You may even consider moving non-qualified assets to an IRA so that capital gains distributions don’t affect you.
Not everyone is the same and no one solution fits all. Feel free to call me for a no-obligation consultation at no charge.