As we approach the end of another year, many of us are shifting our focus to the holidays. However, the final weeks of 2022 offer critical planning opportunities. Consider the below strategies by December 31 to maximize tax-savings and avoid potential pitfalls.  
Required Minimum Distributions (RMDs): IRA owners age 72 or older need to take their RMD to avoid a hefty 50% penalty on the funds not taken. If this is your first year subject to RMD requirements, the deadline is extended to April 1. 
Qualified Charitable Distributions (QCDs): Not only are QCDs tax-free, but they can satisfy your RMD payment. Individuals age 70½ or older can transfer up to $100,000 tax-free to charities from their IRA.
Roth Conversions: Tax rates historically increase. Converting your Roth to a traditional retirement account now may help avoid a larger tax rate down the line.
Leverage Net Unrealized Appreciation (NUA): The NUA strategy can result in significant tax savings by utilizing long-term capital gains rates, as opposed to ordinary income tax rates on company shares. 
For information on how these year-end strategies apply to your situation and can help minimize your taxes, contact us at (661) 297-7566 or visit www.PiersonWealthManagement.com.  
Securities and advisory services offered through Cetera Advisors LLC (doing insurance business in CA as CFGA Insurance Agency LLC), member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser. Cetera is under separate ownership from any other named entity. CA Insurance Lic#0C92500. For a comprehensive review of your personal situation, consult with a tax or legal advisor. Neither Cetera Advisors LLC nor any of its representatives may give legal or tax advice.