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Now is the Time to Prepare for Tax Season

It’s already December, which means holiday gatherings, family and friends, and decorating for Christmas. It also means that it is time to take a look at your financial situation before tax season.

During your time off from work over the holidays, it would be prudent to at least briefly examine your current financial situation and begin preparation for any potential tax liabilities that might come your way.

Among things to check:

Schedule Meeting With Your Financial Advisor: Meet with your financial advisor and accountant to see what strategies might be available to help lower your tax bill for 2017.

Review Your Budget: Take a moment to look over your monthly spending habits and analyze the numbers to see if there are places where you can reduce spending and add to savings.

Retirement Accounts: Make sure that you have maximized the allowable contributions in your 401K and other retirement accounts. Also make sure you are maximizing your employer-matching contributions.

Homeowners Insurance: Lastly, meet with your insurance expert and review your homeowner’s policy. Carefully consider your risks and make certain you have an umbrella policy if needed.

Review Charitable Donations: Donations are a good way to reduce your taxable income while at the same time helping those in need. If you haven’t made any charitable donations this year, now is the time.

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