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With the holidays right around the corner, taxes might be the last thing on your mind. But a little bit of preparation now could make a big difference come April.
Here are five things to keep an eye on as the year ends.
1. Increase your 401(k) contributions if you can
Contributing to an employer-sponsored retirement plan, like a 401(k), allows you to save for retirement — and get a tax break for doing so. Contributions are typically made pre-tax, which means that they can reduce your taxable income for the year.
How much you contribute is likely influenced by what you can afford and how far away from retirement you are. In 2022, taxpayers can contribute up to $20,500 into a 401(k), and those age 50 or older get a catch-up that allows them…
This article was written by Sabrina Parys and originally published on www.nerdwallet.com