Set yourself up for success in the new year with a financial checkup. Here are some essential year-end tax, planning, and financial housekeeping items to consider.
If you need help, don’t hesitate to contact us.
- Maximize contributions to tax-advantaged retirement savings accounts including 401(k), HSA, or IRA accounts.
- Reduce taxes by offsetting capital gains with losses from stocks, bonds, mutual funds, and exchange-traded funds (EFTs).
- Evaluate the progress of yoru investments toward your retirement, college, and personal savings goals.
- Consider a 401(k) rollover or a Roth conversion to lay the groundwork for tax-efficient withdrawals in retirement.
- Think about giving to charity and track all forms of donation to potentially qualify for tax deductions.
- Talk to your family about your legacy goals and gather your legal, financial and healthy-related documents.
- Simplify your financial record-keeping by taking advantage of direct deposits, online statements, automatic payments, and retirement investment contributions.
- Check your credit reports. Each of the credit reportingn companies is required to provide you with a free copy of your credit report once every 12 months.
- Create of update a family or personal budget.
- Revisit your life and automobile insurance coverage.
Contact us if you need help with any of your planning decisions.