“The 7 Things to Do Before the End of the Year When it Comes to Your Taxes.”
Yearend planning is challenging in 2021, with tax law changes possible. No matter what happens by December 31, these steps are likely to pay off:
[ ] Fill up your tax bracket. Some tax rates are low now. For instance, married couples filing joint returns can have up to $80,800 in taxable income, after deductions, and owe 0% tax on long-term capital gains, so you might want to sell some appreciated stocks.
Or, move money from regular IRAs to Roth IRAs, in a low bracket. Any future Roth gains will be tax-free, after five years and age 59-1/2.