Another year is in the review mirror and what a year it has been! The stock market is up (and down), inflation is rising, and interest rates remain low. You may be under or over employed, working from home, or commuting. This year’s challenges may create opportunities for last-minute tax savings, so it is always good to have a plan.
There are still some last-minute tax planning ideas you can do even with just a few days left. With significant unknowns around potential tax law in 2022, it may be best to take advantage of what you can for 2021.
Now it is time to enjoy the holidays and get ready for next year. The retirement plan contributions will increase by $1,000 for 401(k)s to $20,500 plus the $6,000 catch up for those over age 50. IRA and Roth IRA limits remain unchanged at $6,000 plus a $1,000 catch- up contribution. Make sure you are eligible to deduct your IRA based on your income and employer retirement plans.
Patricia Kummer has been a Certified Financial Planner professional and a fiduciary for over 35 years and is Managing Director for Mariner Wealth Advisors, an SEC Registered Investment Adviser.
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