Last minute adjustments to reduce 2023 taxes

Even though it is already December, it is not to late to look at potential adjustments you can make to reduce your 2023 tax liability. Items that can be looked at include contributions to a Health Savings Account, contributions to a retirement account, ways to accelerate expense and defer income and making charitable contributions are just a few items.

Many people choose to pay their January mortgage payment in December to get the extra interest deduction is one example.

Also review your Flexible Spending Account to ensure that you do not lose any unspent money.

Let me know if I can help explore these options before the year ends.