With the end of the year upon us, it's important to keep in mind some important deadlines and other concerns to think about before December 31.

From maximizing your 529 Plan contribution to save for college to ensuring your IRA distributions are properly set, we've compiled a handy list of tax and financial strategies to address before the end of the year.

And as always, we're here to help if you have any questions, concerns, or need assistance!

Year-end tax and financial strategies for individuals before December 31, 2022:

  • Check your paycheck tax withholding
  • Contribute your maximum to retirement accounts
  • Check IRA distributions
  • Zero-out your flexible spending accounts
  • Give to your favorite charity
  • Keep gifting limits in mind for wealth transfers
  • Review potential gains and losses
  • Create an online IRS account
  • Consider a Roth conversion
  • Consider donating appreciated stock to charity
  • Consider a Donor Advised Fund for charitable contributions
  • Harvest capital losses, but beware of wash sale rules on everything except for Crypto Assets
  • Contribute to 529 Plans: NY allows for a $10,000 deduction
  • Evaluate residency rules because of Covid
  • Evaluate Working at home and the Convenience rules
  • Review or initiate Estate Planning
  • Remember: your required minimum distribution can be used as a Qualified charitable distribution

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