Global Tax Planning, Maximizing Savings: 2024 Year-End Tax Strategies for US-Aussie Expats

In this webinar, Areté Wealth Strategists Australia Founder and Principal Ashley Murphy, CFP® GFP Fellow walked through pertinent details of what tax proposals we’ve heard from the incoming Trump Administration, and provided greater awareness of potential changes and tax strategies to implement before closing out 2024 and starting 2025.

Topics included:

Recent Policy Proposals and Their Potential Impact‍
1. Tax Cuts and Jobs Act of 2017 likely extended
2. Discussion of former President Trump's proposal to end "double taxation" for US citizens living abroad
3. Analysis of how this proposal might affect US-Aussie expats if implemented

2024 Year-End Tax Planning Strategies
1. Bundling deductions for maximum impact in light of updated standard deduction thresholds
2. Capital loss harvesting techniques to offset taxable gains
3. Considerations for Roth IRA conversions, especially for those with income below the Foreign Earned Income Exclusion limit
4. Tax implications of superannuation funds and other Australia-specific investments

Year-End Financial Actions
1. Reviewing tax withholdings for W-2 income earners
2. Strategies for avoiding underpayment penalties and estimated tax requirements

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