As year-end approaches, there’s still time to make sure you’re on track toward your important financial goals, including maximizing retirement savings and taking steps to reduce your tax exposure. Begin by reviewing the year-end financial planning checklist below, then schedule time to meet with your tax and financial advisors if you have questions or need help implementing these or other strategies. Keep in mind, unless otherwise noted, December 31, 2019, is the deadline to implement each of the checklist items below.
1. Adjust your withholding – You can use the IRS’s online, interactive Tax Withholding Estimator tool to help determine whether you need to provide your employer with an updated Form W-4, Employee’s Withholding Allowance Certificate. Use your results to help complete the form and adjust your income tax withholding if necessary. If you receive pension income, you can use the results from the estimator to complete a Form W-4P and give it to your payer.