The SMO Show

Gambit Capital Management, LLC
The SMO Show

Gambit Capital Management, LLC is partnering with clients to build private wealth strategies that align with individual goals and risk tolerance. As fiduciaries, we tailor and adapt portfolios to ensure they are in the best interest of the clients we serve.Gambit Capital Management, LLC is an independently owned, Registered Investment Advisory firm.

Episodes

  1. 11/26/2024

    Countdown to Tax Season: 5 Strategies to Consider Before Year-End

    Year-end tax planning is crucial for reducing your tax bill and keeping more of your hard-earned money. Be sure to consult your tax and financial advisors to ensure you’re taking full advantage of available tax-saving opportunities. In this episode, we cover several strategies to optimize your tax position before the year ends: 1. Timing Your Income We discuss strategies for accelerating or deferring your taxable income with the goal of reducing your lifetime tax burden. As your situation changes—such as a higher or lower-than-expected income, a change in spousal income, or the sale of a business or property—you may want to adjust your taxable income to take advantage of a favorable tax bracket. 2. Maximize Deductions Pete shares a few last-minute strategies to boost your tax deductions. These include donating appreciated stock or property, utilizing Qualified Charitable Distributions (QCDs), and prepaying certain bills. 3. Tax Loss and Gain Harvesting Tax loss harvesting allows you to sell investments that have lost value to realize a loss, offsetting capital gains and reducing your taxable income. Afterward, you can reinvest the proceeds into a similar security, maintaining your portfolio's allocation while staying within IRS wash sale rules (avoiding the purchase of substantially identical securities within 30 days). If your losses exceed your gains, you can offset up to $3,000 of ordinary income, with any excess carried forward to future years. Conversely, if you’re in a lower tax bracket, you might be able to sell appreciated investments and pay 0% capital gains tax at the federal level. 4. Max Out Retirement Contributions & Spend FSAs 401(k) and IRA Contributions: Contributing to your 401(k) on a pre-tax basis reduces your taxable income. Be sure you’re contributing enough to take full advantage of your employer’s match. Remember, IRA contributions can be made up until the tax filing deadline, but 401(k) contributions must be made by year-end. Self-Employed? Consider opening a SEP IRA or Solo 401(k) if you don’t already have a retirement plan in place. Use Your FSA: Don't let your Flexible Spending Account go to waste—use any remaining balance by the end of the year since it typically doesn’t roll over. 5. Be Mindful of IRA Distributions Take Your RMDs: If you’re required to take minimum distributions from your IRA, make sure you do so by December 31 to avoid penalties. Roll Over Withdrawals: If you take a distribution from your IRA and it’s been less than 60 days, you might be able to roll it back to avoid taxes or penalties. Note that RMDs cannot be rolled back.

    42 min

Ratings & Reviews

5
out of 5
6 Ratings

About

Gambit Capital Management, LLC is partnering with clients to build private wealth strategies that align with individual goals and risk tolerance. As fiduciaries, we tailor and adapt portfolios to ensure they are in the best interest of the clients we serve.Gambit Capital Management, LLC is an independently owned, Registered Investment Advisory firm.

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