--- title: Year-End Tax Tips with Jill Schlesinger | TIME description: Jill Schlesinger has 5 tips for making tax season a little more bearable. canonical: https://time.com/video/IqlBe550/ og:title: Year-End Tax Tips with Jill Schlesinger og:description: Jill Schlesinger has 5 tips for making tax season a little more bearable. og:url: https://time.com/video/IqlBe550/ og:image: https://cdn.jwplayer.com/v2/media/IqlBe550/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Year-End Tax Tips with Jill Schlesinger twitter:description: Jill Schlesinger has 5 tips for making tax season a little more bearable. twitter:image: https://cdn.jwplayer.com/v2/media/IqlBe550/poster.jpg?width=720 --- # Year-End Tax Tips with Jill Schlesinger > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Year-End Tax Tips with Jill Schlesinger [Watch (HLS stream): Year-End Tax Tips with Jill Schlesinger](https://cdn.jwplayer.com/manifests/IqlBe550.m3u8) (3:15)  _Published 2015-12-16. Jill Schlesinger has 5 tips for making tax season a little more bearable._ --- Jul 27, 2023 7:20 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Year-End Tax Tips: How To Make Sure Stock Gains Don't Grow Your Tax Bill](/video/BOqv79Gn/) ### Year-End Tax Tips: How To Make Sure Stock Gains Don't Grow Your Tax Bill [Year-End Tax Tips: How Giving Money To Family Can Save You On Your Tax Bill](/video/tq45QCas/) ### Year-End Tax Tips: How Giving Money To Family Can Save You On Your Tax Bill [Year-End Tax Tips: Donating to Charity](/video/HaGHOU4A/) ### Year-End Tax Tips: Donating to Charity --- ## Transcript [ MUSIC ] Although we're not even through the holidays yet, tax season is right around the corner. There's smart money moves you can make now to ensure an easier time come April 14th. Here with me now is financial expert Jill Schlesinger. Hi. Hey, how are ya? I'm well. How are you? Great. So what can people do? So if you have a loser, an investment that you made at some point and it's down big money you sell something at a lost and it actually goes against any gain that you may have taken previously in the year. Now let's say it's been a rough year, you've made lousy investments the good news is if you sell more looser than winners you're allowed to deduct up to $ 3, 000. 00 off your taxes. Anything beyond $ 3, 000. 00. You can carry forward into next year. But there's some fine print when it comes to selling those losses. How can you make sure you're able to deduct them? Okay, there's something that's called the wash sale rule. And the way the IRS sees it is, they're pretty smart. They say, you cannot sell something and then re- purchase it within 30 days and then take this great tax deduction, so What you have to be careful about is not to replace something that looks just like the thing you sold, right? Well, easy to do. For example, you might say, I've got one mutual fund and I can now replace it with a different kind of a mutual fund. Aside from money, is there anything else you can do with charities to help reduce your taxes? Taxes this year? Absolutely, let's say you were really smart. You bought Apple at the IPO, you're sitting on a pile of money right, but you've got a huge concentration in that stock, one really great idea is if you're charitably inclined, you take a big winner like that, and you gift it to a charity. When you gift. Highly appreciated securities. The cool thing is you get to write off the full amount of the gift. So taxes are often trickier for people who are freelancers or self employed. Is there anything that they can do this time of year? If your tax bracket is set to rise next year because you know you've got a big project in the works you may actually want to delay making any big purchases. Might want to push that into next year. So really what are you trying to do? Your comparing where you stand on a tax basis this year. And look at next year and try to move expenses to the higher tax bracket year. So what happened to the IRA charitable donation? The good news is congress made this one of the extenders that it renewed. So Here's how it works. If you have to take a required minimum distribution from your retirement account, you're over age 70 and a half, and you're charitably inclined, you can direct that distribution to a charity. In doing so you will bypass getting taxed yourself and the money goes to the charitable organization that you want it to go to. The real interesting thing here is this tends to be a phenomenal planning tool for the very wealthy people. You can take up to $ 100, 000, directly move it to a charity. You're not going to be able to deduct the amount that would have gone to the charity, but you're not going to get taxed on the amount withdrawn from the retirement account. Jill Schlesinger, thank you so much, this has been lovely. Great to meet with you. [ MUSIC ] ```json {"@context":"https://schema.org","@type":"VideoObject","name":"Year-End Tax Tips with Jill Schlesinger","description":"Jill Schlesinger has 5 tips for making tax season a little more bearable.","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/IqlBe550/poster.jpg?width=720","uploadDate":"2015-12-16T17:52:07.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/IqlBe550.m3u8","embedUrl":"https://time.com/video/IqlBe550/","duration":"PT3M15S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/video/IqlBe550/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}} ```