Cash tricks to take earlier than 2022 ends
Up to date: 12:20 PM EST Dec 18, 2022
JENYNE: WITH JUST DAYS LEFT IN 2022, IT’S TIME TO START THINKING ABOUT FINANCIAL GOALS FOR THE END OF THE YEAR AND START LOOKING AHEAD TO 2023. FRED CREUTZER, FINANCIAL PROFESSIONAL AND PRESIDENT OF CREUTZER FINANCIAL SERVICES, IS JOINING US NOW WITH SOME STEPS TO TAKE BEFORE THE YEAR ENDS. GOOD MORNING. >> GOOD MORNING, HOW ARE YOU? JENYNE: DOING WELL, THANKS FOR BEING WITH US. FIRST, WHAT ARE SOME THINGS WE CAN DO TO END 2022 ON A HIGH NOTE FINANCIALLY? >> WE WANT TO LOOK AT HOW DID WE DO. DID WE STAY WITHIN OUR BUDGET OR GO OVER? SINCE INFLATION PRICES ARE HIGHER THEN PROBABLY THE LAST 41 YEARS SO HOW TO DO THE BUDGET. NOW THAT WE HAVE THAT YEAR UNDER OUR BELT, WE HAVE TO PROJECT TO 2023. DID WE PUT ENOUGH IN SAVINGS, TAKING ADVANTAGE OF TAX CREDITS? LAST YEAR WE HAVE TO TAKE A SNAPSHOT AND ALSO THIS YEAR, IF WE CAN PUT MORE MONEY IN OUR 401(Ok)S THAN LAST YEAR. WHAT IS THE PLAN FOR NEXT YEAR? JENYNE: IT IS ALMOST LIKE AN END OF THE YEAR FINANCIAL CHECKUP, AND EVEN IF YOU DIDN’T SAVE ENOUGH MONEY, IS THERE TIME LEFT TO SAVE MORE OR MAKE FINANCIAL CHANGES? >> THERE IS. THE STOCK MARKET HAS TAKEN IT ON THE CHIN. IF YOU HAVE INVESTMENTS, THERE IS LOSSES. IF YOU REALIZE THOSE LOSSES YOU CAN WRITE OFF UP TO $3000 PER YEAR TO CARRYOVER TO REDUCE YOUR TAX EXPOSURE. THESE ARE THINGS TO DO AT THE END OF THE YEAR. WE HAVE LAWS. LET’S TAKE ADVANTAGE. JENYNE: IF YOU ARE NOT — IF YOU ARE LIKE ME YOU SHOULD PROBABLY NOT DO THIS. SEND YOUR TAXES TO YOUR TAX PROFESSIONAL, THAT IS NOT A GOOD IDEA. DO WE NEED TO LOOK AT THEM? >> WE DO. WE NEED TO KNOW IF WE DID ENOUGH WITHHOLDING OR IF WE ARE OWING AT THE END OF THE YEAR. THAT IS NOT SOMETHING MOST OF US WANT TO DO WHEN WE SHOULD’VE HAD THE PROPER WITHHOLDINGS. DID MY INCOME INCREASE? AM I IN ANOTHER TAX BRACKET? IT IS A GOOD CONVERSATION WITH YOUR TAX PROFESSIONAL TO ASK, AM I DOING ENOUGH? DID I PUT MONEY INTO A FLEXIBLE SAVINGS ACCOUNT OR HEALTH SAVINGS ACCOUNT? DID I MAXIMIZE NOT AS WELL AS MY 401(Ok)? JENYNE: OVER THE LAST COUPLE OF YEARS, THERE WERE SOME BIG CHANGES TO THE TAX CODE. ARE THERE ANY CHANGES WE SHOULD BE AWARE OF? >> THEY REDUCED YOUR CHILDHOOD CREDIT — CHILD CREDIT FROM $3000 TO $2000. THE STOCK MARKET HAS BEEN EXTREMELY VOLATILE AND WE’VE SEEN OUR ACCOUNTS TAKING A HIT. THAT’S WHAT WE DO AS FINANCIAL PROFESSIONALS. WE ARE HERE TO TALK TO OUR CLIENTS TO MAKE SURE YOU ARE POSITIONED BASED ON YOUR TIME HORIZON. I DON’T WANT MY CLIENTS TO TAKE A KNEE-JERK REACTION AND PUT EVERYTHING IN CASH WHEN THE MARKET HOPEFULLY WILL COME BACK. IF YOU ARE PANICKING BECAUSE IT HAS NOT BEEN A GOOD YEAR FOR THE STOCK MARKET, THIS HAPPENS. IT HAPPENED IN 2000, 2001, 2007 2008. MAKE SURE YOU ARE TALKING TO SOMEONE WHO CAN TAKE YOU OFF THE LIST SO YOU DON’T GO CRAZY. JENYNE: THANK YOU VERY MUCH.
Cash tricks to take earlier than 2022 ends
Up to date: 12:20 PM EST Dec 18, 2022
With simply days left in 2022, it is time to begin fascinated by monetary targets for the tip of the yr and begin looking forward to 2023. Fred Creutzer, monetary skilled and president of Creutzer Monetary Providers, shares some steps to take earlier than the yr ends.
With simply days left in 2022, it is time to begin fascinated by monetary targets for the tip of the yr and begin looking forward to 2023. Fred Creutzer, monetary skilled and president of Creutzer Monetary Providers, shares some steps to take earlier than the yr ends.
