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November Financial Checklist For a Prosperous New Year  Thumbnail

November Financial Checklist For a Prosperous New Year

As we approach the holiday season and end of the year, now is the time to start thinking about how to close out the year strong financially. There are some tax considerations, as well as some financial planning ideas which you would be wise to think about now! Our team has put together a list of 5 items to check off your financial checklist in November.

1) Don't forget about your Required Minimum Distribution RMD

If you are age 72 or older (73 if you reach age 72 after Dec. 31, 2022) and you have a Traditional IRA or 401(k), the IRS requires a yearly distribution, the dollar amount of which is based on a couple of different factors. This is called the Required Minimum Distribution, or RMD. This is taxable income so be sure when you take the distribution you set some aside for taxes. If you aren’t sure what your RMD is for the year or how much to withhold for taxes, we are here to help. Call us to schedule a time to discuss. 

2) Save on holiday shopping 

The holiday time is when we often spend a lot of money, but that doesn't mean we should be careless with how we use it. If you like to shop early in the morning on Black Friday to get good deals, or if you prefer shopping online from home, it's important to have a plan. If you make a list of what you want to buy for Christmas and think about how you'll do it, you can save a lot of money on gifts. Plus, if you plan ahead, you won't have to worry about spending too much money or forgetting to buy something at the last minute.

3) Have a year-end tax strategy

As 2023 comes to an end, it's vital to ask: Is my tax strategy resilient?  Ignorance is not bliss when it comes to tax season. Tax surprises are rarely fun. Now is the time to get with a professional and do some tax projections because you still have time to put strategies in place to minimize your tax liability for 2023.

4) Maximizing Your Health Flexible Spending Account FSA

As you may know, if you have an FSA through your work, you may have allocated a certain number of pre-tax dollars to be spent specifically on healthcare costs. These are typically “use it or lose it” in a calendar year which means you have to spend it by December 31, or you’ll lose the funds. 

5) Cultivating Gratitude 

As we approach the craziness of the holiday season it can be easy to forget to pause and reflect on our many blessings. As we look back over the past year, we are grateful for many things as well, most importantly, our many clients who we have the pleasure of serving.

In closing, may the warmth of Thanksgiving fill your homes, and may the joy of reflecting on blessings be yours. 

If you have questions or want to learn more, feel free to reach out to us anytime.