The old year is out, and the new one is in. Here are some tax tips to start 2024 with a brighter tax future.

Tax tips

1. Review beneficiaries. Now is the time to review beneficiaries in all your retirement accounts and insurance policies. While it might not impact your tax situation, it could impact others if not structured correctly.
2. Fully fund an FSA or HSA. Flexible Savings Accounts and Health Savings Accounts are great ways to pay for qualified medical, dental, and vision care. But it only works if you fund your account. So check with your employer and plan to take full advantage of this great tax benefit.
3. Strategically fund retirement accounts. Plan now to take advantage of the many retirement planning options. Whether it be a 401(k) or one of many versions of IRAs, they are a great way to manage your tax obligations while planning for your future.
4. Consider any anticipated tax events. Life events are the most significant cause of tax surprises. So if you are planning to move, retire, get married or divorced, have kids, or change jobs, you should know the tax impact before it happens. You could save thousands.
5. Review withholdings. Coupled with number 4, any changes could impact your tax obligation and should impact how much you have withheld during the year. So consider an annual review of your situation and adjust your withholdings accordingly.
6. Consider the child factor. This one is important because of the numerous tax benefits associated with children. It can mean funding a 529 program or opening a Roth IRA if your older children have earned income. It can mean understanding when benefits expire as your children age or planning for college-age children. The bottom line is to conduct a tax review specific to your children.
7. Consider your property. Selling a home, stocks, bonds, or digital currency all have potential tax implications. So, consider taking a planned approach if any of these are on the horizon. It could save you a bundle.

Need more?

As always, should you have any questions or concerns regarding your tax situation, please contact our RRBB advisors.