2022 is right around the corner, so it’s time to begin fine-tuning your contributions to retirement and health accounts. Tax season is about to jump start, it’s in your best interest to begin preparing for tax filing.

The key to being successful is by knowing your dates:

Winter 2022 Market Closures

  • Jan. 17: Martin Luther King Jr. Day
  • Feb. 21: Presidents Day

Other Dates to Remember

  • Jan. 18: Fourth quarter estimated tax payments are due, if required.
  • Jan. 31: Raymond James mails year-end retirement tax forms for 1099-R and 5498, if applicable.
  • Feb. 15: Raymond James begins mailing 1099 tax statements.
  • Feb. 28: Raymond James mails amended 1099s and those delayed due to specific holdings and/or income reallocation. March 15 is the final day to mail any original 1099s and continued amended 1099s as needed.  

Your To-Do List

  • Organize for tax time: Prepare your documents by filing them and organizing them. Shoot to have your tax forms by early February. Not only organize your files but organize you itemize receipts. If you are unsure where to start, reach out to your advisor or a professional for help.
  • Get Set for 65: At age 65 your Medicare is available with a 10% premium penalty for each year you go with out Part B coverage beyond this birthday. You have 7 months flexibility time to enroll. This flex time starts 3 months before your birth month. If you need assistance, as you advisor for resources for your healthcare planning.
  • Become Educated in your Benefits: Research is your friend. Look at your company’s open enrollment schedule then decide to make any necessary changes that will benefit you the most.
  • Sharpen Your Health Spending: If you participate in an FSA, flexible spending account or HAS, health savings account, you need to review your contribution levels. This will help you take full advantage without exceeding the limits. Note that this is adjusted regular for inflation. If you have an FSA use your funds before you lose it past the deadline. 
  • Finesse Your Bonus: Plan and thoroughly think out how you want to use your year-end bonus before you have access to it. We suggest paying down high interest debt or increasing your emergency fun; another great idea is to contribute to your 401k.
  • Pay Yourself: If you don’t have automated retirement contributions, reach out to your finical professional to help you jump start that. This is also a great time to reconfirm your employer match and increase your contributions to allow more time to generate tax-deferred gains.

Revisit and IRA: Reduce your taxable income by taking advantage of your pre-tax contribution to the IRA. You have until mid-April to contribute for the current tax year. Don’t forget that it is an option to contribute early in the year to count towards next year

Withdrawals from tax-deferred accounts may be subject to income taxes, and prior to age 59 1/2 a 10% federal penalty tax may apply. Investment products are: not deposits, not FDIC/NCUA insured, not insured by any government agency, not bank guaranteed, subject to risk and may lose value. Raymond James financial advisors do not render legal or tax advice. Please consult a qualified professional regarding legal or tax advice.