Smart money to make before the end of the year

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As 2021 enters the history books, here are some things you can do to start 2022 on your best financial footing. Whether it’s for maximizing your equity investments, minimizing your taxes, getting the most out of your employees’ health accounts, or even keeping track of outgoing credit card rewards, now is a good time to:

Fine-tune your stock portfolio

With everything that has happened this year, this is a good time to make sure that your equity investments are tailored to your goals. It is likely that your portfolio will need to be rebalanced. It has been a few fleeting months, and you can take advantage of this to your advantage. You also want to take into account the potential for higher interest rates in the coming months. Here is some guidance on how to manage your stocks at the end of the year.-Read more

Take these steps to lower your tax bill

Things you do now can have a significant impact on how much tax you have to pay in April. We have a list of 10 things you can do to make sure you have done what you can to get that figure as low as possible.

Whether it’s prepaying bills for deductible expenses or selling investments that have lost value, there are things you should do this time of year to make sure you do not pay unnecessary money to Uncle Sam.

You should also maximize your tax-deductible pension savings and contributions. Check your donations to charity to get the most out of their impact on your taxes, whether you specify or not.

And if you are considering investing in a mutual fund at the end of the year, be sure to check when the fund pays out its capital gains distribution. You do not want to pay tax on profits you did not have. -Read more

Pay attention to your pension savings

The IRS sets limits on how much you can contribute to retirement accounts that receive special tax treatment. For 401 (k) s, these limits this year are $ 19,500 or up to $ 26,000 if you are 50 years or older by the end of the year. For IRAs, the limits are $ 6,000 or $ 7,000, depending on your age.

Self-employed accounts also have limits.

To maximize your retirement savings, check out these ways to increase your retirement savings at the end of the year. -Read more

Manage your employees’ health benefits

Both flexible expense accounts and health savings accounts deserve your attention this time of year.

With FSAs, you need to make sure that you will not lose unused funds. So this may be a time to book a doctor’s appointment or make some purchases.

With HSA, you do not have to worry about losing unused funds. But you may want to maximize the money you have set aside for future health care costs, including, potentially, during retirement. -Read more

Remember your credit card rewards

Credit card rewards expire and can be a moving target. Some cards have eased expiration dates due to the pandemic.

The end of the year is a good time to check your rewards and make sure you do not let them expire before you can use them. -Read more