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Newspaper Article Archive of
West Seattle Herald

December 19, 2016 Year-end Tax-smart Investing Ideas
Article Pages -- as published on the West Seattle Herald website.

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ARTICLE DESCRIPTION:

Sponsored by Sarah Cecil

As 2016 draws to a close and we move into the holiday season, you probably have a lot going on in your life. But it may be worth your while to take some time to explore a few year-end investment and financial moves that can potentially pay off for you when you file your taxes in April. 
Here are a few such moves to consider:

• Boost your 401(k) contributions. Unless you have a “Roth” 401(k), your contributions are made with pretax dollars – so the more you put in, the lower your taxable income. Ask your employer if you can increase your 401(k) contributions for the remainder of the year. (For 2016, you can contribute up to $18,000 to your 401(k), or $24,000 if you’re 50 or older.) Also, if you receive a bonus before the year ends, you may be able to put that toward your 401(k) too, thus deferring the taxes you’d have to pay on this extra income. 



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