As we head into the Fall, my favorite time of year, I’m all about the pumpkin spice. Yes, I’m one of those- I love everything pumpkin! Don’t judge me.

But, at Vance Wealth, this time of year is all about year-end tax planning. Here are 5 Tax-Saving Tips that must be applied by year end:

  1. Convert your IRA to a Roth IRA: With a Roth IRA, all future withdrawals are tax free, and all gains and earnings grow tax free. Plus, there is no RMD on Roth IRA’s!
  2. Harvest investment gains: If your taxable income is lower than usual, consider harvesting some gains on your investments. This strategy allows you to possibly take gains without any federal tax expense, depending upon your income. Make sure to consult with your Wealth Advisor to run the numbers.
  3. Donate highly appreciated securities rather than cash: In this scenario, you donate the securities at the current value (and take the deduction at that value), while avoiding the capital gains on these securities if you were to sell them. It’s a win-win for you and the non-profit you are donating to.
  4. Take advantage of tax loss harvesting. Simply stated, tax loss harvesting is when you sell some investments at a loss, to offset gains you’ve realized. The asset sold is then replaced with a similar asset to maintain the portfolio’s asset allocation. You only pay taxes on the net profit. This strategy does not make sense in every situation, so speak to your advisor before taking any action.
  5. Embrace the possible year-end volatility. Rather than panic and sell (a big no-no), consider adding to your portfolio if the market were to dip. Volatility in the market brings opportunity and we love opportunity…almost as much as pumpkin spice. Well, maybe that’s just me.


Whether you’re considering any of these tax strategies, or others we utilize, sitting down with a Wealth Advisor is highly recommended.

We offer a complimentary consultation to answer your questions. No pressure, no gimmicks, no kidding. You can easily book through our website here:  Book Appointment

Vance Wealth, Inc. (“Vance Wealth”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Vance Wealth and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute advice. Vance Wealth does not provide tax or legal advice. You should contact your tax advisor and/or attorney before making any decisions with tax or legal implications.