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End of year tax-saving moves

Here are a few of the moves I will be making to save on taxes in 2022.

  1. Tax loss harvesting: this move consists of selling your losses in your taxable brokerage account to offset your income to save on taxes. The maximum for the year is $3,000. However, you can carry any losses over this amount forward for years 2023 and beyond.

  2. Contribute the maximum to retirement accounts: the maximum amount you can contribute to your 401K/403B is $20,500. The maximum for a Solo-401k is $61,000 ($20,500 for the employee portion and $40,500 for the employer portion). You can also max out your Traditional or Roth IRA. Remember you get a tax deduction for a traditional IRA, however ROTH accounts do no qualify. High income earners can use the backdoor method.

  3. Contribute the maximum to your HSA: the maximum you can contribute to a health savings accounts is $7100 for the year. This account is only available to you if you have a high deductible health insurance plan. If you qualify, it is another account which can be used to save for retirement.

  4. List all expenses from your business or 1099 income: this is important if you have a side hustle or have 1099 income. This will come in handy when its time to file your taxes. List all expenses including but not limited to phone, internet, mileage, gasoline, home office deduction, major business purchases, courses/education etc.

  5. Lastly, you want to plan for 2023. Write down your goals for 2023 and think of ways you plan to accomplish them.

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