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Start planning for tax season now

Published: Dec. 10, 2021 at 6:09 PM EST
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RICHMOND, Va. (WWBT) - As we reach the end of the year, it’s time to start planning for your taxes. It’s time to start thinking about if you’ve hit all your goals for the end of the year that have tax implications.

You can look at how much you are contributing to a 401K or a Roth IRA.

Michael Joyce, with the financial firm Agili, says it’s not too late to increase your contribution before the end of the year.

Joyce says anybody who’s retired and is taking out the minimum distributions from retirement accounts but would encourage you to not only look at how much you are paying for taxes before the end of this year.

”But to then to revisit it again next year, so they don’t get behind the eight ball, and they have enough withheld from IRA distributions. So, that they do meet their safe harbor and don’t have to pay a penalty,” said Joyce.

Just a simple checkup you should do now before you file your taxes in 2022.

This is also the time to make and keep track of any charitable donations for filing your taxes in early 2022.

Copyright 2021 WWBT. All rights reserved.

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