Month: December 2022

It’s that time again, the end of the year is here. While you’re making your list and checking it twice, keep these financial tips in mind to take advantage of tax benefits, find cost-effective solutions, and begin the new year in control of your finances. 1. Maximize 401(K) Contributions This strategy is among the top priorities in most financial plans. The maximum contribution for 2022 is $20,500 or $27,000 if you are over 50. Check with your 401(k) service provider to discuss whether you are on track to maximize your contributions by the end of the year. 2. Prepare for Tax Impact For those who dislike surprises, end-of-year tax planning is a must. Meeting with your CPA and having them run a preliminary projection can help prepare you for an unexpected tax burden. It also gives you time to take advantage of tax deductions, like charitable contributions, before it is too late. If you don’t have a CPA but rather do your own taxes, we suggest using the IRS Withholding Calculator to determine whether you are likely to owe more or be entitled to a refund. All you need is a copy of your most recent paycheck stub. This is