Glenda Moehlenpah photo with Financial Bridges logo

Glenda Moehlenpah CPA, CFP®

 

Financial Bridges

12975 Brookprinter Place, Suite 140, Poway, CA 92064

 

Phone: 858-486-0100

 

Email: glenda@financialbridges.com

Website: www.FinancialBridges.com

November/December 2022

End of Year Tax Moves

End-of-Year Tax Moves

During the holiday bustle, incomes taxes may be the last thing on your mind. But, if you want to lower your tax bill, you have until December 31 to employ strategies that can help. Consult your tax and financial professionals for guidance.


Check Your Withholding
If your 2021 tax bill was higher than expected, you might need to increase your tax withholding. The IRS’s Tax Withholding Estimator can tell you if you should file a new Form W-4 to have additional money withheld from your pay.


Bunch Medical Expenses
If you’ve already met the deductible for your health and dental insurance plans and you plan to itemize this year, consider scheduling elective surgery and medical and dental procedures that you planned for early next year before December 31. If you’ve also had major medical expenses during 2022, you may be able to deduct unreimbursed expenses that exceed the 7.5% of the adjusted gross income threshold.


Donate to Charity
You can take a tax deduction for charitable donations of cash or goods. For items such as clothing, furniture, etc., estimate the fair market value (what the item might sell for at a thrift or consignment shop) to come up with a donation amount. Donated items worth more than $5,000 (art, antiques, etc.) require a written appraisal.


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