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Preparing Your Finances For End of the Year

Can you believe it's nearly winter? Before you know it, the holiday season will be over.



But before we get into the full swing of decking the halls and get-togethers, there are a few simple financial tasks to tackle before the year wraps up:

Retirement Contributions: Maximize your 401(k) contributions by December 31 to reduce 2023 taxes. Don’t forget to take advantage of company matching. The 2023 limit is $22,500, with an extra $7,500 if you’re over 50. For IRAs, you have until April 15, 2024, but early contributions can be more advantageous.  You’ll thank yourself once tax season comes around!

Charitable Giving: Plan your charitable contributions now. It’s a way to give back and gain tax benefits. Consider maxing out donations, giving cash, stock, or assets, and explore Qualified Charitable Distributions (QCDs).

Estate Plan: Review your estate plan. Update beneficiaries, wills, and other details as needed.  This should be done after every major life change or at least every three years.

Tax Appointments: Schedule your tax appointment with a CPA in advance to beat the rush.

RMDs: If you’re over 73, don’t forget Required Minimum Distributions to avoid penalties.

Cybersecurity: Stay vigilant with cybersecurity. Update anti-malware protection, maintain strong passwords, and watch out for suspicious communications.  It may be the season of joy and gifting, but unfortunately, it’s also the season favored by scammers.

These steps will help you to stay on track with your financial goals, and the season will be a little brighter when you know you’re preparing for your future. If you need assistance with any of these, please contact us.

Wishing you a successful end of year and a joyful holiday season!




401(k) & IRA limit increases,” Internal Revenue Service, https://www.irs.gov/newsroom/401k-limit-increases-to-22500-for-2023-ira-limit-rises-to-6500

“Retirement Plan and IRA Required Minimum Distributions FAQs,” Internal Revenue Service, https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs


Source: Bill Good Marketing, accessed on 11/14/23


DISCLOSURE: Investment advisory services are offered through Gretchen Stangier, Inc. DBA Stangier Wealth Management (“Stangier Wealth Management”), an investment advisor registered with the U.S. Securities and Exchange Commission. Stangier Wealth Management only offers investment advisory services where it is appropriately registered or exempt from registration and only after clients have entered into an investment advisory agreement confirming the terms of engagement and have been provided copies of the firm’s ADV Part 2A brochure and Part 3 documents.

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