With the last quarter of 2023 almost upon us, it’s important to do some planning now and strategize on how to finish the year strong! Get together with your advisor team to manage your tax exposure.
Planning now can potentially minimize taxes that you owe for 2023. Some things to consider:
- Defer as much income into your 401k plan as much as you can by 12/31/2023 payroll. The maximums for 2023 are $22,500; and $30,000 if you are over age 50.
- If eligible, contribute to your IRA. See contribution maximums and income limits here.
- Consider charitable contributions. If you are over age 72, you can have your retirement plan RMD’s go directly to charities and not pay taxes on the RMDs.
The Secure Act 2.0 has additional possible tax credits available to you. Want to hear more about them? Sign up for your free consultation here.
