End of Financial Year Tune Up

End of Financial Year Tune Up

Reviewing where you stand financially before the end of the year means you can take advantage of tax-saving opportunities that end December 31, 2020 and then start financially strong in the New Year.


BE FLEXIBLE

If you have a flexible spending account (FSA), be sure you use all the funds before year’s end, unless your plan offers a grace period. Most plans are on a calendar year and unlike a health savings account (HSA) which allows you to roll over unused funds to the next year, your FSA is a use it or lose it plan. You can buy most over-the-counter medications and even glasses with your FSA funds.


INSURANCE CHECK IN

Review all of your insurance policies to ensure they meet your needs and you’re not paying too much. Check with your agent to see if bundling multiple types of insurance, like home, car, and umbrella could reduce your rates.


DESIGNATED BENEFICIARIES

While you’re reviewing your insurance needs, take a look at your beneficiary information on your life insurance and retirement accounts. If you’ve gotten married or divorced, you may need to update your beneficiary information.


PICK UP THE PHONE

Schedule an appointment with your financial advisor to review your investments.


ADKF
is the largest, locally owned public accounting firm in San Antonio, Texas, with branch offices in Boerne and New Braunfels. We have been serving our community since 1991. We are a full-service CPA firm dedicated to providing a broad range of tax, audit, bookkeeping, tax controversy, and consulting services with superior customer service to help our clients meet their goals and objectives. Please click here to set an appointment with us.

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