Money Matters: Everything you need

COLUMBIA, S.C. (WIS) - We frequently talk about reviewing our tax plan through the year. Now that we’re heading into the second half, what should we consider?

You never want to wait until the year is already over to check in on your tax plan. Check your withholdings to make sure you’re getting the right amount taken out. This is especially important in a year where you got a raise or started a new side gig for income.

The second thing, if your income has gone up this year and you’re receiving an ACA subsidized health plan be sure to update that plan with current income. If your income gets too high at the end of the year you’ll have to pay those subsidies back.

Are there other strategies to consider?

Yes, if your employer is offering FSA type plans and you’re not taking advantage of it, jump on to it. Make sure you’re contributing to it and getting that tax deduction. If you’re contributing then you should be looking to make sure you spend those Flexible Spending Accounts by the end of the year.\

One final thing to look at is your retirement contributions. Evaluate upping your contributions to a 401k or maybe starting to contribute to a ROTH option which may be in your best interest based on your current tax situation.

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