As the end of the year approaches, investors are thinking about how to most effectively handle their taxes and position their wealth for a secure future. There are a few final moves you can make right now to put yourself and your assets in the best position possible to close out 2022 and head into 2023.
Watch the video to hear SBC Precious Metals Advisors Steve Rand and John Karow explain what opportunities investors should take advantage of right now.
Precious Metal Suppliers Rush to Avoid Inventory Tax
Investors aren’t alone in their strategizing to keep Uncle Sam’s greedy fingers off their hard-earned wealth. Precious metal suppliers are in a similar position as they rush to avoid paying inventory tax. The IRS will take a chunk of whatever assets are still on their books at the end of the year. Often, suppliers will offer us exclusive discounts on some gold and silver coins (products) they have an abundance of in an attempt to reduce their inventory and limit their tax burdens.
It’s important to note that an excess of a certain gold and silver products doesn’t necessarily mean there’s a lot to go around. When suppliers do offer these end-of-the-year deals, we’re able to give our clients exclusive discounts. There’s no guarantee these discounts will come to fruition, but our advisors will alert customers if they’re available.
It’s Time to Make IRA Contributions
The close-out of another year also means investors have an opportunity to reduce their tax obligations by contributing to their Gold and Silver IRA. Investors can contribute up to $6,000 to their retirement accounts unless they’re over 50 in which case the limit is $7,000. These contribution limits represent the amount of money you can protect from the IRS.
The way the tax calendar is positioned, you can take advantage of the market for 2022 while setting yourself up for your 2023 contributions. The current dip in the metals market is the perfect opportunity to scoop up some assets at discounted prices before they inevitably go up so you can further pad your retirement savings.
Close the Year Out Right
The clock is ticking! Don’t miss out on these major opportunities to save on valuable metal assets and your tax obligations. It’s easy to put these end-of-the-year tasks to the side, but the holiday season always goes quickly. Plus, trust companies experience a rush at the closing hours of the year, so it’s best to finalize your yearly contributions sooner rather than later.
The potential of significant precious metals discounts and the time-sensitivity of IRA contributions makes it an ideal time for gold and silver investments. If you’re interested in learning more read our page on adding physical gold and silver to your IRA.