As the holiday season approaches, we're all thinking about the celebrations, gift giving, and general joy that we experience during this time. But as the year comes to a close, we should also be thinking about our finances and the tax bill that may come in the new year.
Thant's why in this episode of the podcast, although it isn't as exciting and uplifting as the holidays, I wanted to talk about some tax planning you can do now that may reduce that tax bill next April.
In this episode you will learn:
- How to maximize retirement contributions for tax benefits.
- About contributing to HSAs and FSAs for healthcare tax deductions.
- Why you should regularly review and update your tax withholdings.
- Why you should explore family and education tax credits.
- About reviewing your investment portfolio for tax-efficient strategies.
Links & Resources
- 20 Tax Tips to Lighten Your Year-End Tax Load for 2023 (TaxFyle)
- 5 tax planning actions to take before year-end (JP Morgan)
- Maximizing Your 2023 Year-End Tax Planning Benefits (Forbes)
- IRS Tax Withholding Estimator
- Child Tax Credit Info
- Education Tax Credits
- Energy Tax Credits
- You may be at risk for fraud this holiday season (CNBC)
If you enjoyed this episode, you might also like:
- Episode 181: Doing Your Mid-Year Financial Checkup
- Episode 157: Strategies to Lower Your Tax Bill and Avoid an Audit
- Episode 106: Tax Traps for Telecommuters