Year-end money moves for 2021

It’s time for my annual year-end money move column. While I have written about this topic previously, some of it bears repeating. Additionally, there are some new aspects to the planning process due to various government efforts amid COVID.

Jill Schlesinger 

Think about 2021 taxes NOW: You can kiss those IRS tax filing extensions goodbye. In 2022 we will return to the April 15 deadline, which means now is the perfect time to determine where you stand. Use the IRS’s withholding estimator to see if you have had enough money set aside to pay your tax bill in April. If not, notify your payroll department to increase your withholding through the end of the year. If you are not working or are self-employed, you may want to make an estimated tax payment to reduce or eliminate potential tax penalties.

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