Believe it or not, the year will be over in 2 short months. And with the holidays mixed in, the 2 months will fly by. We wanted to take a minute to highlight some things you should be thinking about as we approach year-end and plan for 2022.
Paystubs - Check your paystubs to ensure proper tax withholding and retirement contributions.
Estimated payments - Are your estimated tax payments (if you make them) in line with your projected income for 2021? Stated differently, did you use a number for your projected income for 2021 that changed significantly (good or bad) that would necessitate a change to your estimated tax payments?
Capital Gains/Losses - Work with your financial advisor to determine if you have winners/losers in your taxable accounts that you may want to liquidate prior to year-end. Coordinating the sale of winners/losers can benefit you come tax time.
1099s - For those of you with businesses, you are required to issue a Form 1099 for services performed by people not treated as employees when those people are paid $600 or more. If this applies to you, ask that the people who performed services for you complete and send you a Form W9. We'll need the W9s when preparing the 1099s in January.
Tis the season - Do you have a budget for seasonal expenses? If not, develop one and stick to it.
Helping those less fortunate - Consider charitable giving before year-end.
Clutter - Reduce your clutter by scanning your 2020 tax return, bank statements, bills, receipts, etc.
Subscriptions - Are you still using everything you regularly pay for? Look at your recurring charges and cancel any subscriptions that you no longer use. The savings could be significant.
We hope you found the above helpful. Feel free to contact us if you have any questions or want to discuss anything.
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