Max out all of the following accounts you’re eligible for:1. 401K, max at $22,5002. HSA, only for the portion of the year covered by HDHP, $3850 for self-only coverage.3. IRA, Roth or traditional, depends on your income, $6500. Consider a backdoor Roth if your income otherwise doesn’t let you qualify.#financialwellbeing #financialwellness #financialplanning #womenandmoney #buildwealth #taxsavingstips…(read more)

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As the end of the year approaches, many of us are starting to think about our taxes and how we can maximize our savings before the year comes to a close. With the deadline for filing taxes looming in the new year, now is the perfect time to take action and make sure we are taking advantage of all the tax-saving opportunities available to us.

One of the first things to consider when it comes to maximizing tax savings before year-end is to take a look at our financial situation and assess where we stand. This can include reviewing any investments we have made throughout the year, as well as any retirement contributions we have made. By evaluating our financial standing, we can identify areas where we may be able to make additional contributions or adjustments to maximize our tax savings.

Another important step in maximizing tax savings before year-end is to review and take advantage of any tax deductions and credits that may be available to us. This can include deductions for charitable contributions, medical expenses, and education expenses, as well as credits for energy-efficient home improvements and childcare expenses. By identifying and taking advantage of these opportunities, we can reduce our taxable income and potentially lower the amount of taxes we owe.

Additionally, it is important to review any potential changes to tax laws that may impact our financial situation. With tax laws constantly evolving, it is essential to stay informed about any changes that may affect our tax liability. By staying informed and taking proactive steps to address any potential changes, we can better position ourselves to maximize our tax savings before year-end.

For those who are self-employed or own a business, there are additional strategies that can be used to maximize tax savings before the end of the year. This can include taking advantage of accelerated depreciation on business equipment, maximizing retirement contributions, and managing income and expenses to optimize tax savings.

In conclusion, there are many strategies that can be used to maximize tax savings before year-end. By evaluating our financial situation, taking advantage of deductions and credits, staying informed about potential changes to tax laws, and utilizing specific strategies for self-employed individuals and business owners, we can position ourselves to maximize our tax savings and potentially reduce the amount of taxes we owe. By taking proactive steps now, we can set ourselves up for a more financially secure future.