We are less than 2 months for the end of 2022. It’s important to do some planning now. Action now can minimize taxes that you owe for 2022. Things to consider:
- Defer as much income into your 401k plan as much as you can by 12/31/2022 payroll. The maximums for 2022 are $20,500 and $27,000 if you are over age 50.
- The silver lining to the difficult investment year is you can look at taking losses in your non-retirement accounts.
- If eligible, contribute to your IRA. See contribution maximums and income limits here.</a>
- 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.
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