Hi, I’m Neil Mahoney, a Senior Consultant at Oak Wealth Advisors. Today, I want to share a few quick financial planning reminders as we approach the end of 2024. It’s a great time of year to reflect on the past, see what still needs to be done, and begin planning for next year. But before we dive into details, I want to share that Oak Wealth Advisors has access to tax planning tools that allow our advisors to model out custom “what-if” tax planning scenarios to help clients understand how financial decisions could impact their tax situation. For example, we can help reduce surprises by estimating tax refunds and taxes due many months before tax filing time. We can estimate a client’s tax rate and how changing income or deduction amounts could cause a slide into a higher or lower tax rate. So I invite our clients to reach out to their advisor for help with tax planning. Now let’s dive into some things to think about heading into December and January. If possible, maximize contributions to your retirement savings accounts for 2024. IRAs and Roth IRAs have a limit of $7,000, plus an extra $1,000 if you’re age 50 or older. Health Savings Accounts and Flexible Savings Accounts have an individual limit of $4,150 and a $1,000 catch-up, if age 55 or older. For families on high deductible health insurance plans, the HSA limit is $8,300 and the catch-up for those age 55 or older is an additional $2,000. The deadline for making both IRA and Health Savings Account contributions in the same as your tax filing deadline, which is typically April 15th of 2025. Disability-related ABLE savings accounts in 2024 have a contribution limit of $18,000 and the deadline is December 31st. Charitable contributions need to be made by December 31st to be deductible in 2024. For people over age 70 and a half, Qualified Charitable Distributions are available from IRA accounts, with an annual limit of $105,000 for 2024. For cash charitable contributions, you can deduct up to 60% of your adjusted gross income in one year, and higher contributions can be carried forward into future tax years. If you are converting traditional IRA funds to a Roth IRA, make sure you are properly planning out this strategy with a financial advisor and tax accountant and that conversion amounts for 2024 are completed by the end of the year. Lastly, with a new year approaching, I encourage you to begin thinking about your financial goals for the new year. What are some things that you want to accomplish or change in 2025 that will support your financial well-being? As always, we encourage you to reach out to your advisor if you have questions or comments about your financial planning. Enjoy the holidays!