MAYFIN’s Post

Year-End #FinancialWellness: The checklist The year is almost over but there is still a little time left to take action on your financial plan! Remember that things you do now pay off immediately in peace of mind and in asset growth over time. I know you're busy so this is going to be a quick checklist of things to do before the ball drops: 1. Review your 2024 spending 2. Create a budget for January 2025 3. Spend any leftover funds in your flex spending account (FSA) 4. Increase your #401k contribution (at least 1% but 3% is even better) 5. Max out your IRA contributions 6. Check your asset allocations and rebalance if necessary 7. Review your insurance policies and needs 8. Update beneficiaries (if any family changes in the year) 9. Update withholding on your W-4 (if any family changes in the year) 10. Donate to tax-deductible charities (and get receipts) 11. Ask your financial advisor about tax-loss harvesting 12. Set up automatic transfers for your savings (great way to build the emergency fund) Let us know if you have any questions and we look forward to helping you achieve your financial goals in 2025. #money

As the year winds down, here are 7 things to consider: Check your contributions to your 401(k), IRA, and HSA and their limits. Are you hitting the limits? Have you, at a minimum, maxed out your employer match? Charitable giving: Have you considered donating appreciated securities and other options? Investment portfolio review: Have you checked your asset allocation? Rebalancing may be needed and you may have tax-loss harvesting opportunities. Business owners: Now is a great time to review estimated tax payments and determine whether you need to purchase any equipment. Consult with your tax professional. Estate planning check-up: Have you utilized annual gift exclusions? Is your trust funding on track? Are your beneficiaries up to date? Roth conversion opportunities: Have you analyzed potential long-term tax benefits? Are you subject to required minimum distributions (RMDs): Don't forget inherited accounts! In the last few years due to the SECURE Act 1 & 2, there have been a lot of changes to these rules. As always, consult your tax, legal, and accounting professionals before modifying anything on the above list. #FinancialPlanning #Markets #TaxPlanning

Every time you get paid or receive an income, it's important to manage your money wisely. Here are some steps you can take: 1. Allocate a portion of your income to savings or investments before spending on anything else. This could be for an emergency fund, retirement, or other long-term goals. 2. Review your budget and allocate money for essential expenses like rent, utilities, groceries, and transportation. 3. If you have any debts, consider making payments toward them. 4. Contribute to your emergency. Aim to save enough to cover 3-6 months' worth of living expenses. 5. Allocate some of your income to investments like stocks or bonds grow your wealth over time. 6. If you have upcoming big expenses (e.g., holidays, house or car), start setting aside money now to avoid financial strain later. 7. Consider setting aside a portion of your income for charitable donations or contributions to causes you care about. 8. It's okay to reward yourself, but do it within the limits of your budget. Allocate a small portion of your income for personal enjoyment. #personalfinance #savings #debtrepayment #BusinessConsulting #profit #businessideas #foryou #debtfreejourney #savingchallenge #fypシ゚viral

🎯 As the year winds down, here are 7 year-end tax ideas to consider: 1️ Are you maximizing contributions to your 401(k), Roth IRA, and HSA accounts. 2️ Charitable giving: Have you considered donating appreciated securities and other options? 3️ Investment portfolio review: Talk with us to see if there are any tax-loss harvesting opportunities in your accounts.  4️ Business owners: Now is a great time to review estimated tax payments and determine whether you need to purchase any equipment. Your tax professional may also help here. 5️ Estate management check-up: Have you utilized your $18k annual gift exclusion? 6️ Roth conversion opportunities: Have you analyzed potential long-term tax benefits? 7️ Review required minimum distributions (RMDs): Don't forget inherited accounts! 🕒 Questions? Never hesitate to reach out to us. #FinancialStrategy #YearEnd #TaxManagement

As we approach the end of the year, it’s the perfect time to review your finances and set yourself up for success in the new year. Here are key tasks to tackle before the ball drops: ✔️ Maximize Contributions: Add to your 401(k) or IRA to take full advantage of tax benefits. ✔️ Review Investments: Rebalance your portfolio to stay aligned with your goals. ✔️ Charitable Giving: Donate to causes you care about while benefiting from potential tax deductions. ✔️ Use Flexible Spending Accounts (FSAs): Spend remaining funds to avoid losing them. ✔️ Tax Planning: Review deductions, credits, and any tax-saving opportunities. A little planning now can make a big difference for your financial future. Ready to get started? Contact us at M3Wealth.com #FinancialPlanning #YearEndChecklist #RetirementGoals #MoneyManagement

💭 Feeling overwhelmed trying to create a financial plan on your own? You’re not alone. When you’re struggling financially, it’s easy to feel stuck, unsure of where to start or how to move forward. But you don’t have to do it alone. At Total Alignment Charitable, our expert financial planners provide free, personalized financial plans designed to: ✅ Help you take control of your budget ✅ Manage and reduce debt ✅ Build savings, even on a tight income ✅ Access community resources for additional support 🌟 What’s the difference? By Yourself: It’s easy to feel lost in a sea of advice, spreadsheets, and trial-and-error. With Us: You get compassionate, expert guidance tailored to YOUR unique situation at no cost. 💡 Let us help you build a brighter financial future. Message us today to learn more or schedule a session! 📲 Visit our website: https://lnkd.in/eJ4qNMKP to get started #FinancialFreedom #PlanWithPurpose #SupportForAll #FreeFinancialPlanning #BudgetingHelp #FinancialEmpowerment

As we approach the end of the year, it’s the perfect time to review your finances and set yourself up for success in the new year. Here are key tasks to tackle before the ball drops: ✔️ Maximize Contributions: Add to your 401(k) or IRA to take full advantage of tax benefits. ✔️ Review Investments: Rebalance your portfolio to stay aligned with your goals. ✔️ Charitable Giving: Donate to causes you care about while benefiting from potential tax deductions. ✔️ Use Flexible Spending Accounts (FSAs): Spend remaining funds to avoid losing them. ✔️ Tax Planning: Review deductions, credits, and any tax-saving opportunities. A little planning now can make a big difference for your financial future. Ready to get started? Contact us at M3Wealth.com #FinancialPlanning #YearEndChecklist #RetirementGoals #MoneyManagement

Did you know that many taxpayers miss out on hundreds, even thousands, in potential savings each year? From overlooked deductions to unused credits, the IRS isn't going to remind you about the money you're leaving behind. Here’s the kicker: a little knowledge and the right strategy can put that money back in your pocket! 💡 Whether it’s maximizing education credits, claiming business expenses, or even optimizing your charitable contributions, there’s a deduction (or credit!) for nearly everyone. Take the first step toward smarter tax savings today. Who knows? Your “fun fact” might just fund your next big goal! 🚀 Contact RSK TAX AND CONSULTING, LLC today to discover your untapped savings potential! #FunFactFriday #MaximizeSavings #TaxTips #TaxPlanning #SmartMoneyMoves #TaxDeductions #TaxCredits #MoneyFacts #RSKTaxTips #FinancialFreedom #WealthWisdom #TaxExpertAdvice #MoneyMotivation #IRSInsights #SmallBusinessSavings

Things to think about as we near year-end... AND things that I help my planning clients with: Should you do a Roth conversion? How does your withholding look compared to how much you're projected to owe? Will you be itemizing or taking the standard deduction? Should you consider bunching your charitable contributions? Should you consider gifting more money to your family? Are there gains or losses you should harvest in your portfolio? Do you need to fund a 529 before year-end to get the state tax deduction? Do you need to reimburse yourself for qualified education expenses from a 529 before year-end? Are there any business purchases you should pull into this tax year? Have you used up your FSA through work? While most of these include investment conversations, they ALL have to do with taxes. Make sure you work with someone who understands your tax situation and how to take advantage of the law.

⏳ Don’t Let 2024 End Without a Financial Check-In! The holiday season is here, but there’s still time to set yourself up for financial success before the year ends. Here are a few simple but impactful steps to consider before December 31: ✔️ Maximize RRSP & TFSA Contributions: Take advantage of tax-deferred growth and compounded returns. ✔️ Tax-Loss Harvesting: Offset investment gains and lower your tax bill. ✔️ RESP Contributions: Secure the Canada Education Savings Grant for your child’s future education. ✔️ Charitable Donations: Support causes you care about and enjoy valuable tax benefits. This season is busy, but don’t miss these time-sensitive opportunities. Let’s connect to review your portfolio and start planning for your financial goals. 📆 Book a meeting today! I’m here to help you end 2024 on the right note. You can reach me at: 📱 514.402.8242 📧 hussain.ahmad@iaprivatewealth.ca 📅Book your consultation meeting: lnkd.in/epEXvuqT 🌏 hainvestments.ca This information has been prepared by Hussain Ahmad, who is a Wealth Advisor for iA Private Wealth Inc. Opinions expressed in this article are those of the Wealth Advisor only and do not necessarily reflect those of iA Private Wealth Inc. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian.