Last Minute Tax Tips & Money Strategies!

[KarenL]

The end of the year is more than just holidays, great food, and family! It’s also the perfect time to make smart money decisions, take action to reduce your tax liability and give yourself peace of mind! The following links are filled with tips and strategies to settle you in and get you ready for the new year!

• Boost your retirement - Contribute more to your 401(k), 403(b), IRAs, SIMPLE or SEP retirement - max them out if possible 
• Self-Employment Taxes in Today's Gig Economy - Start gathering your receipts and read up on a few tips and self-employment taxes.
• Health Savings Account - HSA - If eligible, max your contributions. 
• Flexible Spending Arrangement (FSA) - Make sure your contributions are set and check your employer’s rules for withdrawals. Don’t lose it! 
• Do a little “loss harvesting”. Yes, it’s a thing! This is selling under-performing stocks/funds to offset capital gain (especially short-term gain). Check with your financial advisor first. 
• Qualified Charitable Organizations - Bump up contributions to throw your personal deductions over the Standard Deduction threshold. Some states (such as Arizona, Mississippi, and Missouri) even allow dollar-for-dollar tax credits.
• RMDs (Required Minimum Distributions) - Remember to take your RMDs from your retirement accounts.  
• Self-employed and considering a large purchase? Check out how a Section 179 deduction can give your bottom line tax liability a major reduction.  
• TurboTax’s W-4 calculator - Yes, it’s a great time to update W-4 withholding. 

You deserve a few bonus articles. Here they are - just for you!
Top 8 Year-End Tax Tips
4 Last-Minute Ways to Reduce Your Taxes
Best Investments for Boosting Your Tax Refund 

If you need tax advice or have questions that aren't answered in the links above, please ask in our Taxes forum that best fits your needs!