Optimize Your Tax Strategy Before Year-End

As we approach the end of 2024, it’s an opportune time to review your financial situation and implement strategies to optimize your tax position. Consider the following actions:

1. Maximize Retirement Contributions: Contribute to your 401(k) or IRA to reduce taxable income. For 2024, individuals under 50 can contribute up to $7,000 to an IRA, while those 50 and older can contribute up to $8,000.