Funding Your Future: what you should buy before the end of the year

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Financial expert Rachel Langlois gives us tips on how you can save money at the end of the year. For more great tips and ideas from Cyprus Credit Union, go here. 

  • Year End Tax Deductions—

Itemizing more than $6300 standard deduction, $9300 Head, $12,600 Household

  • Charitable giving
  • Out of Pocket Medical Expenses (Exceed 10% of Adjust Gross Income
    • prepay insurance premiums
  • Contribute to Retirement
    • 401 (k) up to $18,000 or $24,000 (50+)
    • IRA $5,500 $6,500 (50+)
    • Employer Match
  • IRA Distributions
    • Over 70 ½
    • Make minimum withdrawal or penalty: 50% tax on amount should’ve drawn
  • Flexible Spending Accounts
    • Use it or lose it (grace period)
    • Prepay for child-care or medical/dental expenses
    • Stock up on eligible products
  • Loss Harvesting to offset Captain Gains