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Last-Minute Moves To Shrink Your Taxable Income

| November 23, 2023

The end of the year is approaching, and as a taxpayer, you can 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

Let’s talk to see if making one or more of these options could lower your tax burden come tax time.