We hope that you’ve having an excellent end of the year. We just would like to remind our clients and friends that there are certain tax breaks that are expiring at the end of this year.
Have you put the maximum allowable amount in your 401(k)? That’s $18,000 in 2016. If not, increasing your contributions can save you quite a bit of extra money. If you’re over age 50, you can make a catch-up contribution to a 401(k) of $6,000 too.
Another reminder though, if you reached your 70 and a half birthday this year, there’s something called the “required minimum distribution” due from your retirement plan to avoid a penalty.
As always, Tardy & Co. is here to help you figure the many complexities of your tax situation out and help you find the best way to manage your money.