8 Fast-Approaching Tax Deadlines to Keep in Mind
December 18, 2023
As the year-end approaches, it is important to take note of the upcoming tax deadlines. As a financial advisor firm that believes in providing our clients with a wealth of knowledge and guidance, we want to remind you of 8 essential tax deadlines for the year 2023.
#1
Make sure to contribute to your employer-sponsored retirement accounts. The deadline is fast approaching, and contributing to your 401(k) or other retirement savings could be a great way to reduce your taxable income.
#2
Contributing to your 529 college savings plan is important. Although the deadline varies from state to state, for most states, it is typically December 31st.
#3
Don't forget to provide support to your favorite charitable organizations. While charitable contributions are an itemized deduction, claiming them could still make a significant impact on your taxes.
#4
Convert your pre-tax 401(k) money or traditional IRA money to a Roth IRA before the deadline expires. It may be an opportunity to lower your income taxes in the long term.
#5
For anyone who turns 73 or older in 2023, the deadline to withdraw the required minimum distribution (RMD) is important. Not meeting this deadline could result in penalties.
#6
If you're 70½ years old with certain types of retirement accounts, qualified charitable distributions could be an option. This is an opportunity to do good while also reducing your tax liability.
#7
If you have funds stored in your health flexible spending account (FSA), make sure to spend them before the end of the plan year to avoid forfeiting them. Employers may or may not offer a grace period or carryover, so ask to determine your FSA policies.
#8
If you have investments that underperformed this year, resulting in an unrealized loss, you may want to sell them to harvest tax losses and lower your 2023 tax bill. Before doing so, though, make sure this fits into your overall financial goals.
Being aware of these eight tax deadlines can help you stay on top of your finances and avoid unnecessary penalties and fees. Remember, at Sand Hill Global Advisors, we are here to help you navigate the complex world of wealth management and provide you with guidance that helps shape your legacy.
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