2023 was our second full year back in the US where we were subject to the 3 overlapping tax systems – Federal, State, and ACA.
In theory this could mean that we would have a high tax burden.
But in practice we paid practically zero, with more opportunities to save next year.
2022 was our first full year back in the United States, which means we were fully in the crosshairs of the 3 US tax systems: Federal, State, and ACA.
One might think this would result in a large tax burden. But no.
Although the incentives have certainly changed.
The end of the calendar year is quickly approaching, and that means it is time to run through our year-end tax checklist. The simpler the better.
Here are a few important items to review and actions to take.
Markets are down. Robo-advisors and savvy investors are tax-loss harvesting.
But me? I had no intention of doing so.
Thankfully, two Go Curry Cracker readers correctly pointed out I was wrong to not tax-loss harvest.
Yes, I absolutely am tax-loss harvesting and loving it. (Thanks!)
After a decade of zero and near zero tax bills, our 2021 tax return looks a bit different – We paid a LOT of tax.
No surprises though – I sold a ton of stock to pay cash for a house. In the grande scheme of things it is no big deal.
I’ll break it all down below (with links) and highlight some things I did to minimize taxes this year and going forward.
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Every year during this time, we reconcile our earnings and deductions for Uncle Sam and either fork over more dough or humbly request that a little be given back. If you follow the strategies of this blog you may not have much tax liability to begin with, but if you find yourself in a position where you owe the IRS and were wondering if you could earn rewards points on that payment, the answer is yes. More significantly, there’s an interesting trick where you can potentially earn hundreds of thousands of points and miles by making estimated payments which is discussed below.
