{"id":36146,"date":"2023-12-06T11:42:29","date_gmt":"2023-12-06T11:42:29","guid":{"rendered":"https:\/\/www.ustaxfs.com\/?post_type=insights&#038;p=36146"},"modified":"2024-03-26T13:04:20","modified_gmt":"2024-03-26T13:04:20","slug":"top-tips-for-2023-us-year-end-tax-planning","status":"publish","type":"insights","link":"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/","title":{"rendered":"Top Tips for 2023 US Year-end Tax Planning"},"content":{"rendered":"<p>In Switzerland, Samichlaus, aka St. Nick, came to children this past night and brought them clementines and nuts. While we cannot transfer food through the internet, we have something almost as good \u2013 2023 US year- end tax tips! This is something we have covered in the past, but like all good things, we have a few tweaks and updates this year.<\/p>\n<ul>\n<li>For those who haven\u2019t filed the current year\u2019s tax return by now, do so as soon as possible. There are \u201cfailure to file\u201d and \u201cfailure to pay\u201d penalties, plus interest on the unpaid penalties!<\/li>\n<li>Contribute to a Health Savings Account (HSA), or open an HSA account, if possible. If participating in a high-deductible health plan, an HSA account may already be an option. Make sure to get the most from these accounts. For single or married filing separately, contributions of up to $3,850 ($4,150 for 2024) per year can be made. For those who use a married filing jointly status, the limit is up to $7,750 ($8,300 for 2024). There is a yearly catch-up contribution allowed of $1,000 for people 55 or older. Additionally, the current year\u2019s contribution can be made up to the due date of the tax return for that year, generally April 15th of the following year. So, there is extra time to sort this out.<\/li>\n<li>Contribute to an IRA (or open an IRA). There are two types of IRAs: the traditional IRA and the Roth IRA). The main difference between the two is that a traditional IRA contribution may be deductible, whereas the Roth IRA allows for tax-free distributions. Regardless of which is chosen, a total contribution of $6,500 ($7,500 if you\u2019re 50 or older) per year can be made. As above, contributions can be made up to the due date of the current year\u2019s return, generally April 15th of the following year.<\/li>\n<li>\u201c<a href=\"https:\/\/www.ustaxfs.com\/insights\/make-your-retirement-savings-last-as-long-as-you-do\/\">Make Your Retirement Savings Last as Long as You Do<\/a>.\u201d People over the age of 85 can consider opening a Qualified Longevity Annuity Contract (QLAC). This is a type of fixed deferred annuity that can be a nice solution for those who are outliving their traditional retirement plans.<\/li>\n<li>Get that Social Security Number you\u2019ve been putting off for US children. This may save money, headaches, and stress. A child may need a US Social Security number to open a bank account (See Form W-9); and getting a SSN can take some time.<\/li>\n<li>This year was another roller coaster year with banks being acquired and a turbulent market. For those currently in a net capital gain position but have unrealized losses in their portfolio, consider selling the \u201closs\u201d stocks and utilize those losses to reduce your gain. (This point is a \u201ctax consideration\u201d point. Do not let tax matters determine your investment strategy.) An overall capital loss of up to $3,000 can be realized for each tax year. Any additional loss may be carried forward. But be careful \u2013 do not buy the same stock back the same stock sold within 30 days, or it may be considered a \u201cwash sale,\u201d and that loss will be ignored.<\/li>\n<li>Plan for next year. While tax information documents will not be delivered or available until early 2024, start making a list of what is expected \u2013 documents like W-2s, foreign wage statements, Form 1099s (INT, DIV, B, SA, MISC, R, SSA), and similar foreign-type tax reporting. If stock or other assets were sold, start collecting the information required to report the sale for US (and foreign) purposes (purchase dates, prices, currency, sales date, prices). Word on the street is there will be a new 1099 form coming out for digital assets\u2014look out for action in this space. As always for those living overseas, sort out your local foreign return first before tackling the US return. So, start planning as soon as possible in the new year.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.ustaxfs.com\/contact-ustaxfs-2\/\">Contact us<\/a> if you further guidance.<\/p>\n<p>Article written by Hannah Nelson<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Switzerland, Samichlaus, aka St. Nick, came to children this past night and brought them clementines and nuts. While we cannot transfer food through the internet, we have something almost as good \u2013 2023 US year- end tax tips! This is something we have covered in the past, but like all good things, we have [&hellip;]<\/p>\n","protected":false},"author":64,"featured_media":36584,"menu_order":0,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"insight-category":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Top Tips for 2023 US Year-end Tax Planning - USTAXFS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top Tips for 2023 US Year-end Tax Planning - USTAXFS\" \/>\n<meta property=\"og:description\" content=\"In Switzerland, Samichlaus, aka St. Nick, came to children this past night and brought them clementines and nuts. While we cannot transfer food through the internet, we have something almost as good \u2013 2023 US year- end tax tips! This is something we have covered in the past, but like all good things, we have [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/\" \/>\n<meta property=\"og:site_name\" content=\"USTAXFS\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-26T13:04:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ustaxfs.com\/wp-content\/uploads\/2023\/12\/Top-tips-for-2023-US-year-end.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"306\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/\",\"url\":\"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/\",\"name\":\"Top Tips for 2023 US Year-end Tax Planning - USTAXFS\",\"isPartOf\":{\"@id\":\"https:\/\/www.ustaxfs.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.ustaxfs.com\/wp-content\/uploads\/2023\/12\/Top-tips-for-2023-US-year-end.png\",\"datePublished\":\"2023-12-06T11:42:29+00:00\",\"dateModified\":\"2024-03-26T13:04:20+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/#primaryimage\",\"url\":\"https:\/\/www.ustaxfs.com\/wp-content\/uploads\/2023\/12\/Top-tips-for-2023-US-year-end.png\",\"contentUrl\":\"https:\/\/www.ustaxfs.com\/wp-content\/uploads\/2023\/12\/Top-tips-for-2023-US-year-end.png\",\"width\":1000,\"height\":306},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.ustaxfs.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Insights\",\"item\":\"https:\/\/www.ustaxfs.com\/insights\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Top Tips for 2023 US Year-end Tax Planning\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ustaxfs.com\/#website\",\"url\":\"https:\/\/www.ustaxfs.com\/\",\"name\":\"USTAXFS\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ustaxfs.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Top Tips for 2023 US Year-end Tax Planning - USTAXFS","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/","og_locale":"en_US","og_type":"article","og_title":"Top Tips for 2023 US Year-end Tax Planning - USTAXFS","og_description":"In Switzerland, Samichlaus, aka St. Nick, came to children this past night and brought them clementines and nuts. While we cannot transfer food through the internet, we have something almost as good \u2013 2023 US year- end tax tips! This is something we have covered in the past, but like all good things, we have [&hellip;]","og_url":"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/","og_site_name":"USTAXFS","article_modified_time":"2024-03-26T13:04:20+00:00","og_image":[{"width":1000,"height":306,"url":"https:\/\/www.ustaxfs.com\/wp-content\/uploads\/2023\/12\/Top-tips-for-2023-US-year-end.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/","url":"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/","name":"Top Tips for 2023 US Year-end Tax Planning - USTAXFS","isPartOf":{"@id":"https:\/\/www.ustaxfs.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/#primaryimage"},"image":{"@id":"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ustaxfs.com\/wp-content\/uploads\/2023\/12\/Top-tips-for-2023-US-year-end.png","datePublished":"2023-12-06T11:42:29+00:00","dateModified":"2024-03-26T13:04:20+00:00","breadcrumb":{"@id":"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/#primaryimage","url":"https:\/\/www.ustaxfs.com\/wp-content\/uploads\/2023\/12\/Top-tips-for-2023-US-year-end.png","contentUrl":"https:\/\/www.ustaxfs.com\/wp-content\/uploads\/2023\/12\/Top-tips-for-2023-US-year-end.png","width":1000,"height":306},{"@type":"BreadcrumbList","@id":"https:\/\/www.ustaxfs.com\/insights\/top-tips-for-2023-us-year-end-tax-planning\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ustaxfs.com\/"},{"@type":"ListItem","position":2,"name":"Insights","item":"https:\/\/www.ustaxfs.com\/insights\/"},{"@type":"ListItem","position":3,"name":"Top Tips for 2023 US Year-end Tax Planning"}]},{"@type":"WebSite","@id":"https:\/\/www.ustaxfs.com\/#website","url":"https:\/\/www.ustaxfs.com\/","name":"USTAXFS","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ustaxfs.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.ustaxfs.com\/wp-json\/wp\/v2\/insights\/36146"}],"collection":[{"href":"https:\/\/www.ustaxfs.com\/wp-json\/wp\/v2\/insights"}],"about":[{"href":"https:\/\/www.ustaxfs.com\/wp-json\/wp\/v2\/types\/insights"}],"author":[{"embeddable":true,"href":"https:\/\/www.ustaxfs.com\/wp-json\/wp\/v2\/users\/64"}],"version-history":[{"count":6,"href":"https:\/\/www.ustaxfs.com\/wp-json\/wp\/v2\/insights\/36146\/revisions"}],"predecessor-version":[{"id":36697,"href":"https:\/\/www.ustaxfs.com\/wp-json\/wp\/v2\/insights\/36146\/revisions\/36697"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ustaxfs.com\/wp-json\/wp\/v2\/media\/36584"}],"wp:attachment":[{"href":"https:\/\/www.ustaxfs.com\/wp-json\/wp\/v2\/media?parent=36146"}],"wp:term":[{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.ustaxfs.com\/wp-json\/wp\/v2\/insight-category?post=36146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}