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•••••NOVEMBER 29, 2023•••••

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SAVE OTTUMWA POST turn. If you anticipate potentially exceeding those thresholds this year or next, it may make sense to bundle deductions to the extent possible to get the most impact in the year in which you itemize.

This can include timing the payment of property and income taxes if possible and making large charitable contributions.

Near Retirement?

Here Are Five Smart Year-End Tax Moves to Explore Although tax filing season is months away, the window to make timely taxsaving moves is closing.

In most cases, you must act by December 31 to apply any tax savings to your 2023 federal income tax return.

If you are nearing retirement, identifying ways to effectively manage your tax burden may take on greater importance. Consider the following strategies to benefit you now and in the future. #1 – Plan carefully to maximize the value of deductions Most people claim a standard deduction when filing taxes. The standard deduction in 2023 is $13,850 for single filers and $27,700 for married couples filing a joint re-

change in your portfolio before a holding is sold.

NOVEMBER 29, 2023

and medical equipment.

Check your employer’s FSA rules to see if they #4 – Consider a Roth extend a grace period IRA conversion to spend dollars (up to Building up a Roth IRA mid-March 2024) or allow can be a great way to some leftover money to give yourself more flexbe carried over into an ibility as you structure a FSA for next year. If neitax-efficient retirement ther option is offered, you income stream. Along with need to spend your balmaking after-tax contriance in 2023 or you will butions to a Roth IRA (if forfeit leftover dollars. you qualify), you should #2 – Consider donating discuss with your tax and As you consider tax stratappreciated stock or financial professional if egies to benefit you now other assets opportunities to convert and, in the future, consult If you don’t itemize desavings from traditional with an advisor and tax ductions, cash charitable IRAs and workplace sav- professional to see if any contributions won’t be de- ings plans to a Roth IRA of these actions make ductible. As an alternative are a good choice for you. sense for you. strategy, you may want to Be strategic in doing so.

Duane J Lusson, CFP, ChFC, CLU, consider donating appre- You may want to convert MSFS, is a Private Wealth Advisor ciated assets to a charionly as much in a single with Ameriprise Financial Services, Inc. in Ottumwa, Iowa. He specialtable organization. This year as possible without izes in fee-based financial planning approach can help you moving into a higher tax and asset management strategies and has been in practice for 30 avoid the capital gains tax bracket (taxes will be To contact him, call 641-684that you would otherwise due on some or all of the years.

4200 or stop by his office at 527 W. have to pay if you sold the converted amount). Roth Second in Ottumwa, Iowa. asset first and then made conversions make the the gift. Work with your most sense if you anticitax advisor to determine pate being in a higher tax the best approach for your bracket in retirement. A circumstances.

Roth conversion will not always make sense, so #3 – Lock in capital it’s important to consider losses if selling an asyour personal situation as set makes sense you make your choice.

Perhaps you own stock (or other assets) in a tax- #5 – Use FSA dollars able account that may If you’ve taken the taxno longer be a fit for your saving step of setting portfolio. If so, and the as- money aside in a Flexset is worth less than you ible Spending Account to paid for it, you can sell the help with out-of-pocket asset and claim a capital medical expenses, check loss. The value of the loss your balance. FSAs allow can be used to offset capi- you to set pre-tax dollars tal gains and up to $3,000 aside and use the funds of ordinary income. Any to pay for certain medical surplus losses can be car- and dental expenses such ried over to offset gains in as deductibles, copays, future years. Be sure you prescriptions, over-theare comfortable with the counter medications

Ameriprise Financial cannot guarantee future financial results Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.

Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.

Ameriprise Financial Services, LLC. Member FINRA and SIPC. Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2023 Ameriprise Financial, Inc. All rights reserved.

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supposed to, he would get scolded. When he or chased a A Dog with a Job tracked squirrel, he would get praised. Before long, Zane, my grandson, Red learned he was has been an avid hunter supposed to be a squirsince he was a little kid. rel dog. It is amazing He spent many hours to see that realization hunting squirrels and come to a dog like a rabbits with his dad light bulb turning on. when he was too young Before this, he knew to carry a gun.

He eventually moved up to a BB gun, which is not very effective for anything larger than a sparrow. By having a BB gun, he did though learn to shoot safely and accurately. By the time he was eight years old, he was hunting deer with a twenty-gauge shot gun. He and I would be on stand while waiting for deer to come by. Even then, he rarely missed his tar- he was supposed to be get. As a young man, he hunting, he was just not has carried on his love sure what it was. of hunting and being in Red is about six the outdoors. months old now and A few months a proven squirrel dog. ago, Zane announced He is a happy little dog he had bought a new but never more happy pup that was going to than when he and Zane be a squirrel dog. Red is are hunting. They have a breed of dog called a traveled enough miles Feist. I had never heard around the farm, Red is of this breed before but a little bundle of muscle. apparently Zane has He will hunt as long and done much more refar as a person wants search on hunting dogs to go. He has learned to than I have. A Feist looks similar to a fox terrier and has a terrier like active personality.

Feists are bred primarily for hunting and can be about any color. Several small hunting breeds have descended from Feist parentage. Red is typical of the breed being always on the move and ready to go hunting.

When Zane got Red, he was just a baby.

Zane took him out for walks in the timber from day one. At first, Red thought it was just fun to walk in the woods.

After a few weeks, he discovered there were squirrels, rabbits, deer, and other animals out there. When he tried to chase a deer or something else, he was not

track a squirrel to a tree and look up to watch it.

He barks to alert Zane to the treed squirrel and is ready to attack when it is shot out of the tree.

When he is sure the squirrel is dead, he will bring it to Zane. He is then the most proud dog a person has ever seen.

It is great to see a dog fulfill his potential. The breed was developed over many generations to be good hunting dogs. Like most dogs, Feists have the natural instinct for a specific job.

With a moderate amount of training, they can excel at their specialty.

This makes for a happy owner and a dog that feels it has a job that it is doing well.

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