1. Maximize Your Retirement Contributions
Take advantage of tax-deferred accounts like your 401(k) or traditional IRA. If you haven’t hit the annual contribution limit, consider boosting your contributions before December 31. Not only will this strengthen your retirement savings, but it may also reduce your taxable income.
2. Review Your Insurance Coverage
Life changes throughout the year. Marriage, new children, job changes—each one can impact your insurance needs. Make sure your life, health, and disability policies are up to date. Proper coverage can protect you and your loved ones from unexpected events.
3. Take Advantage of Tax-Loss Harvesting
If you’ve sold investments at a loss, you may be able to use those losses to offset taxable gains. Known as tax-loss harvesting, this strategy can reduce your overall tax bill while giving you the chance to reinvest in your long-term portfolio.
4. Make Charitable Contributions
Donating to a qualified charity is a meaningful way to give back—and it can also provide tax benefits. Keep receipts and ensure your donation is made before year-end to count toward your deductions.
5. Schedule a Year-End Financial Review
A meeting with your financial advisor can help align your current situation with your long-term goals. At USA First Financial, we provide customized year-end reviews to ensure your portfolio and plan are performing as they should.
Wrap-Up:
The end of the year is a valuable opportunity to fine-tune your financial future. Contact USA First Financial today and let’s put a plan in place that works for you—now and into the new year.
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