As we get closer to year end, there are still some opportunities to reduce your 2025 taxable income as well as reduce your taxable estate.
- For 2025, you can reduce your taxable income for this year by:
- maximizing your IRA and other retirement savings accounts up to the IRS limit.
- Gifting appreciated stocks to US 501(c )(3) charities
- If you are over 70.5 years old, you can gift your required minimum distribution (RMD) from your retirement account directly to a US 501(c )(3).
- For reducing your taxable estate, you as an individual can gift up to $19,000 per year per person (you can do this to as many people as you want) without a gift tax. Couples can gift up to $38,000 per year to a single individual.
