Financial Matters: Your portfolio

PORTSMOUTH, Va. (WAVY) - BayPort's Human Resources Specialist Jennifer Rivera talked about how January is a great time of year to evaluate your financial portfolio and adjust your pre-tax and post-tax deductions.

a. Pre-tax deductions vs Post-tax deductions
b. Pre-tax deductions such as your 401(k) will lower how much money is being taxed;
c. If you want to take home more during the year, your tax exemptions can help you accomplish this. Why let Uncle Sam hold on to your moneywhen you can benefit from it?
d. Consult a tax advisor prior to making any federal or state exemption changes to avoid owing Uncle Sam at the end of the year.
e. Flex spending
f. Medical/dental insurance

For more on Financial Management, stop by any of the 14 BayPort Credit Union locations across Hampton Roads or click here to visit BayPort's website.