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Harvest Rewards to Propel Money Growth
Take steps now to tweak finances before the new year brings old problems
Final months, weeks and days of the year are the perfect — if not fleeting — times to take a closer look at finances and take a bite out of unavoidable taxes.
From maximizing deductions to leveraging retirement contributions, smart end-of-year planning can make a significant difference when the time comes to file.
People and business owners can take proactive steps to help minimize tax liability and get in position for a strong financial start to the new year.
Barbara O’Neill, Ph.D., CFP®, AFC®, owner and chief executive officer of Money Talk Financial Planning Seminars and Publications, and money experts at Experian, a consumer credit reporting company, discussed smart tax moves before the year runs out.
Freelancers Must Pay Taxes but Wonder About the Right Amount
“With a few notable exceptions such as contributions to IRAs, 2024 tax-saving moves must be completed by Dec. 31,” O’Neill said. “It’s the law.
“Required minimum distributions must be taken by Dec. 31,” she said. “It’s the law, and there are penalties for missing or incorrect RMDs.”
