Year-End Tax Planning Strategies Nobody is Talking About

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Most of the year-end "tax planning" ideas you hear from CPAs and tax advisors are garbage. Prepaying expenses and maxing out 401k contributions are not examples of tax planning. Moreover, they are really bad strategies for anyone trying to build wealth.
Watch this video to learn year-end tax strategies you should be thinking about and won't hear anywhere else. I also cover a few common recommendations from CPAs that you should avoid.
Video Contents
00:00 - Intro
00:34 - Year-End Tax Strategies
10:13 - Strategies You Should Not Do
⚠️ Exercise caution before using any of these strategies. Do your own research and make sure you fully understand the risks you are undertaking!
💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ sharonwinsmith.com/courses/
The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.

Опубликовано:

9 июл 2024

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Комментарии : 26

@robmorden4206 2 дня назад

Absolutely LOVE your content. Can’t find it anywhere else. Been binging your videos and have taken your course on Deal Flow for Investment Funds. Question: you mentioned in this video at the 9 minute mark that you have a strategy you’ve implemented for becoming a passive business owner for your passive investments. Do you talk about this in more detail in another video or course? Thanks! And all the best to you!

@jimd1617 Месяц назад

thank you!!

@jamesscobba7001 4 месяца назад

I've 'stumbled' on to your videos. You are awesome! Thank you for your opinions and advice.

@sharonwinsmith 4 месяца назад

Thank you for watching!

@albo8800 6 месяцев назад

Sorry I have an out of topic question: Is step up basis applicable for stocks/index funds hold in a corporation brokerage account? I have included in my living trust that my kids will be beneficiary of that company. Thanks

@DeuceDeadly74 6 месяцев назад

Thank for this content, Sharon. I really enjoy your videos. Especially the ones on SBLOC. You mentioned briefly that you don't like trusts for estate planning. Can you expand on that? I'm a fan of them in general but their could be something I'm not aware of.

@sharonwinsmith 6 месяцев назад

I will have more videos in the future where I talk more about estate planning strategies and why I generally don't like trusts. Other than revocable living trusts (which are really just to reduce probate fees), I don't think there are good situations where a trust makes sense unless you are just trying to pass down a ton of money to your children. More on this in the future.

@DeuceDeadly74 6 месяцев назад

@@sharonwinsmith thanks for the context and reply. That is exactly how I have them utilized. Looking forward to your future videos on the subject. Have a great day.

@sharonwinsmith 6 месяцев назад

Thanks for watching!

@rynodivino 4 месяца назад

@sharonwinsmith would it make sense to gift BTC to your kids? Or would they have to pay gains on appreciation?

@chayden1402 7 месяцев назад

Fantastic information once again 👏 👍. I have one question can you do a video illustrating more on the gift tax? Does that bring down your tax burden or drop you into a lower tax bracket if used correctly. I owe usually >10k in tax each year even with all my properties trying too figure if this would be a good strategy? Help would be appreciated 🙏 thanks.

@sharonwinsmith 7 месяцев назад

Thank you! I will be doing more videos on the tax-free gifting in the future. You don't get an income tax deduction for gifts. It is an estate planning tool. So you wouldn't reduce your income tax this year by making a gift. You use the strategy to start passing down your estate to your kids to avoid future estate tax (and in some cases income tax to you on the income those assets make in the future).

@jorgevelasquez9955 7 месяцев назад

Sharon. Thanks for your videos! I have a rental and want to add an EDU costing $150,000. I want to be the bank for this transaction and fund it from my private funds. How can I legally set up a note for this and pay myself back legally?

@jamesdaman6832 7 месяцев назад

Many thanks for your insights! Regarding gifting $17K annually to kids…….Would it be better to let them inherit stock held in brokerage account so that they would receive a stepped up basis? If gifted, I thought the person receiving the stock would assume your cost basis. Seems like leaving stocks held in a brokerage account thru an inheritance has an advantage over gifting. What am I missing. Thanks.

@sharonwinsmith 7 месяцев назад

The key is to get the assets outside your estate. If you gift $17k of stock today, it will appreciate significantly by the time of your death. So you've been able to transfer significant value to your kids tax free. Some people like to gift appreciated stock to their kids because the kid can often turn around and sell it, recognize the gain, and pay no tax. They can then turn around and buy the same stock back. It just depends on your specific situation. There are a lot of different strategies for doing the gifting, but the most important thing is to use it every year to start getting value out of your estate as soon as possible.

@jamesdaman6832 7 месяцев назад

Thanks for your prompt reply! I agree with your thoughts if (1) there is concern with your estate exceeding the exemption amount ($13,610,000 for 2024) AND (2) the person receiving the gift is not subject to pay capital gains on the sale of the gifted assets. My adult children would be subject to pay capital gains tax if they received stock gifted from my brokerage account but my children could avoid paying any capital gains if they inherit the stock…..and the equities will continue to increase tax free in my name until I die. At that point my children will receive the appreciated equities with a stepped up basis. For many people I would think that this stepped up basis tax strategy would be a powerful and effective means of transferring wealth.

@sharonwinsmith 6 месяцев назад

If your estate is below the estate tax threshold, you don't need to do any estate tax planning so this strategy isn't relevant. The estate exemption is expected to drop significantly unless Congress acts. You also have no clue what it will be when you die.

@rajarchanagarre7306 6 месяцев назад

Thanks for bringing attention to Gifting option to kids. Wondering what are the methods you can gift to kids?👍

@sharonwinsmith 6 месяцев назад

Great question! I will have more videos in the future that talk about this strategy in more detail because I think it is really important. But examples of great ways to do the gifting is by transferring ownership in a family business or shares of your WY LLC that invests in things like real estate and other funds. Some people like to gift appreciated stock and have the kids sell the shares in a way they can avoid capital gains tax when the sale is done by the child. Of course, what is most important is actually doing the gifting. So just writing a check to your kid is also fine if no other better assets are available to gift.