Tom Meaglia photo

Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

November/December 2022

End-of-Year Tax Moves

End-of-Year Tax Moves

During the holiday bustle, income taxes may be the last thing on your mind. But, if you want to lower your tax bill, you have until December 31st to employ certain strategies that can help. Your tax and financial professionals can provide helpful suggestions.


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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Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
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