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Tax tips of the Month
MONTHLY TAX TIPS - June 2023
A couple things you should think about are:
- Funding retirement. It is well known that most Americans have an inadequate savings plan for their retirement years. Planning for retirement is critical - and it is a habit we must try to challenge ourselves. We recommend looking at your cash flows and think about taking advantage of retirement accounts such as 401k, 403b, Traditional IRA and Roth IRA.
- Annual tax-free gift. Most people are short-term when it comes to taxes. They look at current income tax. One tax that many forget is the estate tax. If you are in comfortable position financially and are looking to move assets to your children efficiently, then make it a habit to leverage the annual gift tax exclusion.
