6. Think about charitable gifts from time to time
Some retirees can brag about investments that have doubled if not tripled in value over the last years. If you’re one of them, charitable gifts should be on your mind more often.
Why? Because they are an excellent way to skip taxes on capital gains. Plus, they can also help you make a decision regarding selling shares. If you do opt to make charitable gifts from time to time, the money you’ll save will most definitely help you not sell shares, since taxation will be diminished.
Donations to charities have always been a great way to reduce tax bills. So, do you think you take advantage of them as you should?
If not, maybe you’re actually using tax-free contributions from your IRA account in order to make charitable gifts, which, of course, is a great way to reduce taxes too.
Need more tax-related articles? The following might help you:
- Top 10 Least Tax-Friendly States in America
- What Taxes in Retirement Look Like in All 50 States
- 10 States With Ridiculously High Sales Taxes
- How Long Do I Need to Keep My Tax Records?
