As the calendar pages flip towards the imminent 2024, it’s the perfect moment to execute those strategic financial maneuvers that will set the stage for a successful tax season and ensure you leave the year on a high note. If you’ve been tuning in regularly, you already know we’ve been through the year-end rodeo before, and for our newcomers, buckle up because we’ve meticulously crafted a hit list that’s bound to elevate your financial game. You’ll want to act quickly; many must be completed by December 31st.

In this info-packed episode, we’re diving deep into the realm of tax arbitrage, Roth conversions, backdoor Roth contributions, and tax loss harvesting – all crucial moves in your financial playbook. Discover the secrets to maximizing your retirement contributions, unravel the mysteries of tax law changes that could reshape your financial landscape in 2024 and beyond, and stay ahead of the curve with essential deadlines that demand your attention.

But wait, there’s more! We’ll uncover innovative ways to save through charitable donations, business and environmental investments, and exploring other financial gems that often slip through the cracks. When we proclaim that the time is now to whip your financial affairs into shape, we mean business!

So, join us in this episode of A Place of Possibility as we discuss:

  • Required minimum distribution deadlines – this is important for our older followers!
  • Tax benefits related to Qualified Charitable Distributions.
  • How to lower your tax rate with specific retirement contributions – 401(k) and 403(b) contributions must be made this year!
  • The tax-free wonder known as Health Savings Accounts.
  • Special money-saving tips for those who are self-employed.
  • Why Medicare beneficiaries must be mindful of their monthly adjusted income (MAGI) to avoid paying thousands in extra taxes.

The countdown has begun, and we’re here to ensure you usher in 2024 with financial confidence. Get ready for an episode that’s not just informative but also transformative. Let’s make it a year to remember together!

P.S. Looking to meet with Richard or Angela at our office in Alamo, CA? Want to discuss more of what you heard in this episode? Wondering where the heck you need to get started or what all of this means for your retirement plans? Schedule a free 30-minute session and find the peace of mind you deserve for the rest of your life. You can also reach us by calling 925.736.6410 or sending an email to

“What we look for are opportunities to tax arbitrage. So, recognize taxable income this year so you can pay the tax you owe on that income this year or defer the income until next year. Why do we care? Well, a lot of times, your marginal tax bracket is going to be significantly different this year versus next year. If you have a lower tax bracket this year, you’ll want to bring the income into this year because you will pay a lower tax. You want to defer if the tax bracket is lower next year.”

We’re proud to present you with our “Know Your Possibilities Guide,” a tool and free resource for you to take notes, review, keep on hand, or even share with your friends and family. So grab your copy, click the play button, and follow along. You’re just minutes away from discovering your next Place of Possibility.

A Glance at this Episode:

0:00 Introduction

3:22 Welcome! Today, we’re discussing year-end tax and financial planning, so let’s dive in!

3:58 First, we’re discussing tax arbitrage, what it is, and how you can benefit from it. It means recognizing taxable income today so you can pay the tax you owe this year or deferring the income until next year.

5:06 If you’re 73 or older, you must take a required minimum distribution from your retirement account before December 31st. Otherwise, there are significant consequences. However, a few scenarios allow you to delay having to take an RMD. Listen in as we discuss here.

7:27 For those 70 and a half and older, you have the option to give directly to charities through withdrawals from your IRA. This is called a Qualified Charitable Contribution (QCD).

9:16 If you don’t need the money you have to take from an RMD, one option is to reinvest it and donate as a QCD, and then they don’t realize any of that income.

10:35 Another way to reduce how much you spend on taxes is through harvesting tax losses, in other words, selling your stocks, mutual funds, or ETFs that lost you money to report them as a capital loss on your tax return.

12:43 If you haven’t met your maximum retirement contribution this year, now is the time because it can lower your taxable income.

13:48 Pro tip: Ask your employer if your retirement plan allows a Mega Backdoor Roth Option. It could give you an extra $38,000 of nondeductible contributions to put away in 2023. That’s HUGE!

15:36 If you have a Health Savings Account (HSA), the money you put into it is tax deductible. And, when you spend it later down the road, you won’t have to pay taxes on it, making it the only tax-free plan.

17:47 If you’re self-employed, now is the time to forward as many business expenses as you can before the end of the year.

18:32 This next strategy is really cool! If you buy a vehicle for your business that weighs 6,000 lbs., you can expense almost the entire thing in 2023 instead of depreciating it.

19:47 If you’re on Medicare, you need to hear this. If your modified adjusted gross income (MAGI) exceeds certain thresholds during the year, your Medicare premiums will be increased two years later.

23:45 If you have a large IRA or 401k and a low income, then consider a Roth Conversion. Please tune in to hear how this could save you tons regarding taxes.

25:38 Conversely, if you bring in high income with no IRA, you can do something called a Backdoor Roth Contribution, when you make a nondeductible IRA contribution and transfer it over into a Roth IRA.

28:16 Did you know you can make your January mortgage payment before December 31st and receive those tax benefits this year?

29:09 If you’ve been considering switching to an electric vehicle, now may be your best time! Press play to learn how to get the best bang regarding tax credits and financial benefits.

32:47 Another area where you can get tax deductions is through certain “green” home improvements – solar panels, solar-powered water heaters, etc.

34:22 If you have a vacation home or are planning to travel, listen up! You can make money by using your property as a rental, and if done right, you don’t even have to report it when filing taxes.

35:43 If you have charitable organizations that you give to, instead of donating cash this year, consider donating an appreciated security, and you will get a full deduction for the fair market value of that security.

37:09 Have you ever heard of the Annual Gift Tax Exclusion? If you have family or friends who could use a leg up, this portion of the podcast is for you.

38:04 Did you know there’s a way to qualify for a 0% tax rate on long-term capital gain income and qualified dividends? It’s true! See if this applies to you!

39:56 This episode was packed with valuable information, and we hope you got as much out of it as we did. If you need help with your financial planning, you know where to find us!


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Links/Resources Mentioned in this Episode:

“One-size-fits-all” won’t fit you here! The Del Monte Group team understands that everyone’s financial goals are unique. That’s why we always provide customized advice. No matter where you are in life, you can depend on our proven expertise to provide financial planning support for long-term success. Ready to get started? Schedule a meeting with Richard or Angela in our Alamo, CA based office today or we can meet via Zoom! >> You can select a date and time that works for you via our calendar, call us at 925.736.6410, or send an email to We can’t wait to help you!



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