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Essential Year-End Tax Strategies for SiteOne Landscape Supply Employees: What You Need to Know Before 2023

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Here are some things for SiteOne Landscape Supply employees and retirees to consider as they weigh potential tax moves between now and the end of the year.

1. Defer income to next year
SiteOne Landscape Supply employees must consider opportunities to defer income to 2023, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rent, and payments for services. As a SiteOne Landscape Supply employee, doing so may enable you to postpone payment of tax on the income until next year.

2. Accelerate deductions
SiteOne Landscape Supply employees and retirees should also look for opportunities to accelerate deductions into the current tax year. If you itemize deductions, making payments for deductible expenses such as medical expenses, qualifying interest, and state taxes before the end of the year (instead of paying them in early 2023) could make a difference on your 2022 return.

3. Make deductible charitable contributions
As a SiteOne Landscape Supply employee, if you itemize deductions on your federal income tax return, you can generally deduct charitable contributions, but the deduction is limited to 50% (currently increased to 60% for cash contributions to public charities), 30%, or 20% of your adjusted gross income (AGI), depending on the type of property you give and the type of organization to which you contribute. (Excess amounts can be carried over for up to five years.)

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4. Bump up withholding to cover a tax shortfall
As a SiteOne Landscape Supply employee, if it looks as though you will owe federal income tax for the year, consider increasing your withholding on Form W-4 for the remainder of the year to cover the shortfall. Time may be limited for SiteOne Landscape Supply employees to request a Form W-4 change and for their employers from SiteOne Landscape Supply to implement it in time for 2022. The biggest advantage in doing so is that withholding is considered as having been paid evenly throughout the year instead of when the dollars are actually taken from your paycheck. This strategy can be implemented by SiteOne Landscape Supply employees to make up for low or missing quarterly estimated tax payments.

5. Save more for retirement
Deductible contributions to a traditional IRA and pre-tax contributions to a SiteOne Landscape Supply-sponsored retirement plan such as a 401(k) can reduce your 2022 taxable income. As a fortune 500 employee, if you haven't already contributed up to the maximum amount allowed, consider doing so. For 2022, SiteOne Landscape Supply employees can contribute up to $20,500 to a 401(k) plan ($27,000 if you're age 50 or older) and up to $6,000 to traditional and Roth IRAs combined ($7,000 if you're age 50 or older).* The window to make 2022 contributions to a SiteOne Landscape Supply-sponsored plan generally closes at the end of the year, while you have until April 18, 2023, to make 2022 IRA contributions.

*Roth contributions are not deductible, but Roth-qualified distributions are not taxable.

6. Take the required minimum distributions
If you are a SiteOne Landscape Supply employee age 72 or older, you generally must take required minimum distributions (RMDs) from traditional IRAs and SiteOne Landscape Supply-sponsored retirement plans (special rules apply if you're still working and participating in SiteOne Landscape Supply's retirement plan). You have to make the withdrawals by the date required — the end of the year for most individuals. The penalty for failing to do so is substantial: 50% of the amount that wasn't distributed on time. As a fortune 500 employee, making these distributions in a timely manner is essential as to avoid the late penalty.

7. Weigh year-end investment moves
SiteOne Landscape Supply employees and retirees shouldn't let tax considerations drive investment decisions. However, it's worth considering the tax implications of any year-end investment moves that you make. For example, if you have realized net capital gains from selling securities at a profit, you might avoid being taxed on some or all of those gains by selling losing positions. As a SiteOne Landscape Supply employee, any losses over and above the number of your gains can be used to offset up to $3,000 of ordinary income ($1,500 if your filing status is married filing separately) or carried forward to reduce your taxes in future years.

Tags: Financial Planning , Tax , Retirement , 2022

What is the 401(k) plan offered by SiteOne Landscape Supply?

The 401(k) plan at SiteOne Landscape Supply is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.

How can employees at SiteOne Landscape Supply enroll in the 401(k) plan?

Employees can enroll in the 401(k) plan by completing the enrollment form available on the SiteOne Landscape Supply employee portal or by contacting the HR department for assistance.

Does SiteOne Landscape Supply offer any matching contributions to the 401(k) plan?

Yes, SiteOne Landscape Supply offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.

What is the vesting schedule for the 401(k) matching contributions at SiteOne Landscape Supply?

The vesting schedule for matching contributions at SiteOne Landscape Supply typically follows a graded vesting schedule, where employees earn ownership of the match over a period of time.

Can employees at SiteOne Landscape Supply take loans against their 401(k) savings?

Yes, SiteOne Landscape Supply allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan documents.

What investment options are available in the SiteOne Landscape Supply 401(k) plan?

The SiteOne Landscape Supply 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

Is there a minimum contribution requirement for the 401(k) plan at SiteOne Landscape Supply?

Yes, SiteOne Landscape Supply has a minimum contribution requirement for employees who wish to participate in the 401(k) plan, which is detailed in the plan documents.

How often can employees at SiteOne Landscape Supply change their 401(k) contribution percentage?

Employees at SiteOne Landscape Supply can change their 401(k) contribution percentage at any time, subject to the plan's rules regarding frequency and notice.

What happens to the 401(k) plan if an employee leaves SiteOne Landscape Supply?

If an employee leaves SiteOne Landscape Supply, they have several options for their 401(k) savings, including rolling over the balance to another retirement account, cashing out, or leaving the funds in the SiteOne plan if eligible.

Does SiteOne Landscape Supply provide educational resources for employees regarding their 401(k) plan?

Yes, SiteOne Landscape Supply offers educational resources and workshops to help employees understand their 401(k) plan options and make informed investment decisions.