Year-End Tax Planning Strategies for New York City Investors and Retirees
With year-end approaching, New York City investors face unique tax considerations at the federal, state, and city level. Here are key strategies to help minimize your tax burden before December 31.
New York City residents face a triple layer of income taxes — federal, New York State, and New York City — making tax planning especially important. As the year draws to a close, there are several strategies that high-income earners and retirees in NYC should consider to reduce their overall tax liability.
Key strategies include tax-loss harvesting to offset capital gains, maximizing contributions to 401(k) and IRA accounts before year-end, qualified charitable distributions for retirees over 70½, and reviewing your required minimum distributions. NYC residents relocating to a lower-tax state should also carefully plan the timing of their domicile change to maximize savings. At Pointcrest Wealth Management, we work with clients throughout the year on proactive tax planning — not just at year-end. Contact us to schedule a tax planning review.