Here are some crucial reminders to optimize your year-end financial strategy for 2024:
1️⃣ RMDs Countdown: If you’re 72 (or 73 if you turned 72 after Dec. 31, 2022), remember to take your Required Minimum Distributions (RMDs) from your IRA and employer-sponsored retirement plans. Stay on top of these important deadlines!
2️⃣ Boost Your Contributions: Want to maximize tax benefits? Consider increasing your contributions to your employer-sponsored retirement plan for the remainder of the year. It’s a smart move that could pay off in more ways than one!
3️⃣ Charitable Giving: Spread the love this holiday season! Make your charitable donations before Dec. 31, 2024, to ensure they count towards this year’s tax deductions if you itemize. Every bit helps make a difference!
4️⃣ Gift Smart: Thinking about gifting? The annual exclusion for gifting is $18,000 this year. Stay within the limit to make the most of your generosity without impacting your taxes.
Let’s finish the year strong and set ourselves up for financial success in the year ahead!
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