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Stacy’s News: Last Minute Moves for 2023

Stacy’s News: Last Minute Moves for 2023

December 12, 2023

Last-Minute Moves to Reduce Your 2023 Taxes

The end of the year is approaching, and as a taxpayer, you can make some last-minute moves to improve your financial position come tax time. By making tax-free donations or contributions to retirement accounts, you can shrink your taxable income, which can equate to a larger tax refund or less owed. 

The following are some simple options you may want to consider taking advantage of by year-end:

Max out contributions to your company’s 401k retirement plan
The 2023 maximum is $22,500 or $30,000 if you are over 50.

Make deposits into your IRA and Roth IRA accounts
The 2023 maximum is $6500 with a $1000 catch-up. Income limits may apply for Roths.

Increase your brokerage accounts
Check limits and be sure to contribute as much as your income will allow to maximize growth opportunities. 

Consider charitable gifts
The 2023 gift tax limit is $17,000. For married couples, the limit is $17,000 each, for a total of $34,000.

Make some additional deposits to your 529 college plans
This is a great holiday gift for your grandchild or child.

Increase your Health Savings Account (HSA)
Put away the maximum pre-tax money for health expenses and reduce taxable income.

Looking Ahead to 2024

Make a plan to minimize your tax burden in the new year as well. Open tax-savings accounts, check on contribution limits for 2024, and create an automatic savings plan to take full advantage of them.

Use the remaining weeks of the month wisely. If we can be of any help, call us at 215-579-5601.

As always, if you have any life changes or updates (i.e., new job, promotion, marriage, new baby or grandchild, etc.), please contact us as they may affect your current insurance and investing strategy.

From our families to yours, we wish you a Happy Holiday Season and a Joyful, Healthy New Year.

Stacy Brilliant, Chief Operating Officer