MDJ's Year-End Financial Review
Here are my top year-end financial tips:
#1 — Max Out Your 401k
While you have till April 15th (tax day) to max out your Roth IRA, the deadline for your 401k is December 31st! So if you have any extra cash floating around- contribute to this fab tax-advantaged account.
#2 — Donate to Charity
Giving back doesn't just FEEL good but it also helps bring down your taxable income too. Make sure to donate by midnight on the 31st to be eligible for a tax deduction.
#3 — Contribute to a 529 Fund
529 funds are tax-deductible education savings accounts and you can contribute up to $17k/ year to them as a single filer. You have till 12/31 to fund them for the year. TICK TOCK BITCH!
#4 — Consider a Roth Conversion
Converting your money from a traditional IRA to a Roth IRA could be a great way to save on being taxed, especially if you earn too much to qualify for a Roth IRA! Talk to your accountant about a rollover & make sure you get it done before the 31st!
