Year End Reminders for 2024
2025 is just around the corner! As the year winds down, take a few minutes to keep your financial house in order and complete the following financial to-dos before the year ends. This month, we challenge you to review the following areas and ensure you’re taking advantage of all your opportunities to reduce next year’s tax bill by December 31st:
- Employee 401k contributions
- Employee Simple IRA contributions
- Charitable donations
- ROTH conversions
- Capture gain/loss
Note that contribution limits have increased for 2024. Below are the updated contribution amounts by account type.
- 401k limits have increased to $23,000
- Roth/Traditional limits have increased to $7000
- SEP contributions have increased to $69,000
- Simple IRA contributions have increased to $16,000
- HSA limits: $4,150 for individuals & $8,300 for families
Don’t leave room for unwanted surprises in the new year. If you need assistance with your to-dos or would like to discuss how our team can help you ensure 2025 gets off to a strong start, please call our office today!