7 Year-End Tax Moves to Turbocharge Your Financial Wellness

While tax season is still a few months out, you can get yourself in the best financial position by thinking ahead. Consider these 7 year-end tax moves before we kick off the New Year: 

1) Review Deductions: Take a look at your potential deductions. If you have any outstanding expenses that qualify, it may be beneficial to take care of them before the end of the year.

2) Make Charitable Contributions: Don't forget those good deeds! If you're planning to make charitable contributions, do it before December 31st to include them in this year's deductions.

3) Pay Off Education Expenses: If you have eligible education expenses, make sure they're paid before the end of the year to take advantage of available credits.

4) Take Care of Business: If you're a business owner and need equipment or supplies, make sure to grab them before the end of the year to qualify for deductions.

5) Go All In On Retirement Contributions: Max out your contributions to retirement accounts. It's a smart move for your financial future, and it can also lower your taxable income.

6) Use Your Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs): If you have these accounts, check your balances. Consider using any remaining funds for eligible expenses before they expire. You can also check with your employer to find out if your plan offers a rollover or grace period.

7) Plan for Next Year: Start thinking ahead about how you can adjust your financial strategy for the coming year, and set goals to optimize your tax situation.

Keep in mind that tax planning can be tricky! When in doubt, seek advice from a tax professional.