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Tax Moves to Make in November

As the end of the year approaches, being sure you are in good shape for filing your 2017 taxes is a smart money move to make. Here are simple tips to be sure you’re on track for tax filing in 2018. 

Fully fund your 401K and health savings accounts
The IRS sets 401K and Health Savings Account contribution limits each year and limits are higher if you’re over 50 years of age. Check with your employer and with IRS limits to be sure you have contributed the maximum amount allowed that also fits into your budget. Full contributions in these types of accounts can result in tax advantages. 

Make charitable donations
Now’s a good time to take stock of your budgeted charitable contributions to be sure you made all those you intended to make. If you have made all planned cash donations and have extra in your available cash flow, making additional end-of-the-year cash donations can improve your tax situation. Additionally, decluttering your home by taking unused toys, old clothing, and other household items to charitable organizations is a great year-end activity that can make a positive impact on your tax situation. 

Maximize 529 Plans
If you have children and are contributing to a 529 college savings plan, be sure you have contributed the full amount allowed for the year that also fits within your budget. If you do not have a 529 plan and have children, consider opening a state-sponsored plan and budget for monthly 2018 contributions. 

Be sure to consult with your tax advisor, as each individual has unique tax situations. The above tips are generally advantageous to all and can make tax filing less stressful. 

Posted: 11/20/2017 with 0 comments

Categories: College, Donating, Financial, Saving, Students, Taxes

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