Comment on 8 tax-reducing steps to take before 2024 ends, according to $2 trillion wealth manager BNY Mellon

Investors can modify the timing of their income or deductions to reduce their tax bills.Getty/PM ImagesAs 2024 draws to a close, now is the time for investors to review their tax strategy.This year is especially important, as new legislation could materially change tax laws.BNY Mellon shares eight ways investors can reduce their tax burden for this year.With October coming into view, it's a good time to sit down and review your tax strategy for 2024.And with the impacts on tax legislation that the presidential election could have, this is an especially important year to pay close attention to your approach to minimize your tax burden, according to BNY Mellon Wealth Management.In a recent note, the bank shared eight tax-reducing actions for investors to consider before the tax year ends on December 31st.Minimize income taxInvestors can modify the timing of their income or deductions to reduce their tax bills.For example, BNY Mellon says to consider accelerating income into 2024 to take advantage of current tax rates in the event of an increase in 2025.