Take care of end-of-year tax needs

Before popping open the bubbly to bid the year adieu, tackle a few important opportunities to help with next year’s tax bill:

• Bang for your buck: Maximize your 401(k) contributions, make after-tax contributions to a Roth 401(k), or convert a traditional IRA to a Roth IRA.

• Required RMDs: If over age 72, minimum distributions must be taken from tax-deferred retirement accounts by year-end, including retirement accounts inherited by someone who was over age 72.

• Harvest losses: If the volatile 2022 market left you with losses, consider using those to offset realized capital gains.

• Giving: Maximize charitable donations, whether cash or investments.

– Laura Cubbage, 360 Media, Inc.