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A year-end checklist to set you up for a strong 2023
1. Get your ducks in a row by taking stock of all your income, deductions, and credits for 2022
We get it – you can probably think of a hundred other things you’d rather do than think about taxes during the holiday season, and we promise we’re not here to put a damper on your festive cheer. But between now and the next few weeks, you have a small window of time to take advantage of things that may reduce the amount of tax you owe in 2022, (like tax-loss harvesting) so use this opportunity wisely! Think of it a holiday present that your future self will thank you for!
2. Pay for expenses that qualify for tax deductions or credits before the year-end
There are certain expenses that can be used to reduce the amount of tax you owe during the upcoming tax season – but only if they occur on or before December 31. Depending on your situation, it might make sense to pay for these things before the year-end, or if you’ve already exceeded your maximum allowable amount – you may benefit from carrying these expenses forward to January 1.
3. Revisit your budget
Not to sound like a broken record, but when it comes to finances, the basics do make a difference and having a well thought out budget is still one of the keys to financial success.
Looking back at your 2022 income and expenses gives you a more accurate picture of your actual earnings and spending, so you can have a more realistic budget in the new year. Of course, there’s no guarantee that your income and expenses won’t change in the future but starting with a budget grounded in real-life data gives you the transparency and awareness you need to plan better.
If you’re not sure where to start – let’s talk.
Whether you’re just starting out, or would like a second opinion, you deserve a conversation.