Last-Minute Moves to Shrink Your Taxable Income

The end of the year is approaching and as a tax payer, you may be able to make some last-minute moves to improve your financial position come tax time. By making tax-free donations or contributions to retirement accounts, you can shrink your taxable income which can equate to a larger tax refund or less owed. 

The following are some simple options you may want to consider taking advantage of by year-end:

  • Charitable gifts

  • Traditional IRA contributions

  • 401(k) contributions

  • Contributions to other retirement plans

  • Health Savings Account (HSA) contributions

Contact our office today to see if making one or more of these options could lower your tax burden come tax time.


Note: The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.

Do you have a question?