A Few 2016 Year End Reminders that need to be done by December 31st
- Check your flexible spending account balances, you are allowed to carry forward up to $500 into the following year.
- Write checks for deductible items.
- Maximize your Simple Plan contributions – $12,000, $14,500 if 50 and older, or
- Maximize your 401k contribution – $17,500, $22,500 if 50 and older.
- Consider contributing to an IRA. It must be funded by April 15th for a 2016 contribution. $5,500, $6,500 if 50 and older.
- Consider using capital losses in 2013 to offset gains.
- If eligible, open and fund a Health Savings Account.