How do I approach my boss about a holiday bonus

How do I approach my boss about a holiday bonusHow do I approach my boss about a holiday bonusBank of Dad is a weekly column which seeks to answer questions about how to manage money when you have a family. Want to ask aboutcollege savings accounts, affordabledate night ideas, or where to buytoyson the cheap? Submit a question to Bankofdadfatherly.com. Want advice on what stocks are safe bets? Ask your broker. And then tell us. Wed love to know.Its bonus season and Im sort of banking on one but I dont know if my company is even doing that. Theyve avoided the conversation all together. How do I go about asking my boss about a holiday bonus? Is there a way to do so tactfully? - Colin S., PhiladelphiaNo one wants to end up like Clark Griswold inNationalLampoons Christmas Vacation, angrily wondering what happened to the money that was supposed to help get you throughthe holiday season.Unfortunately, more managers are beginning to look like Frank Shirley, Griswolds stingy boss. The recru iting firmSpherion Staffing Servicesreleased a survey of employees this week in which nearly half the respondents said they dont expect their company to dish out a holiday bonus this year. Of those that do, most expect to receive less than $500. So it helps to be sober about your expectations.Bonuses are a form of discretionary spending for most companies, so theyre more likely to happen when the company has had a good year. But getting one isnt just a matter of good luck, either. A certain level of assertiveness can go a long way.A 2017 employer survey by the staffing firmAccounting Principalsfound that workers who actually asked for a monetary reward were more likely to get one. It certainly helps if you can point to concrete youve done that go above and beyond whats expected.For example, respondents to the Accounting Principals questionnaire said staying motivated and having a positive planung were the two most important factors in getting a bonus. Forty-two percent cited a willi ngness to take on extra responsibilities as another determinant.This is one time when tooting your own horn, at least a little bit, isnt such a bad idea. Showing that youdeservea bonus is more powerful than simply telling your boss you want one.Who knows? You may end up with something better than a membership to the Jelly of the Month Club.Its the end of the year and Im doing some financial housekeeping. What steps I can take now to reduce my 2018 tax bill? - Charles P., St. LouisYou might be surprised at how much you can shrink your tax liability by making a few last-minute maneuvers. The moredeductionsyou can rack up before the year comes to a close, the better.Here are a few of the more common ones you might consider1. Mind you withholdingsBecause the TCJA lowered individual tax rates, a lot of workers saw a smaller federalwithholding from their paycheck in 2018. Nice perk, right? The problem is that the governmentovershot the mark for some employees, putting them at risk of an under-payment penalty.So its worth using the IRSswithholding calculatorto see where you stand. If you havent hadenough tax taken out during the year, you can make an estimated tax payment using IRS Form1040-ES or ask your HR department to have more tax taken out of your last couple paychecks,says Kitty Bressington, a fee-only advisor withLinden Financial Consultantsin Pittsford, NewYork2. Maximize retirement account contributionsMost people are nowhere near the annual $18,500 contribution limit for 401(k) and 403(b)retirement plans,much less the $24,500 limit for those over age 50. So if youre well below that threshold, nows the time to boost your tax-deductible contributions. If you have the cash, go into HR and throw 100% of your last paycheck into a 401(k), says Bressington.3. Put more into your HSAFamilies who have a high-deductiblehealth planare eligible to use health savings accounts, whichallow you to make tax-deductible contributions as well as tax-free withdrawals for quali fiedexpenses. Its the holy grail of savings vehicles. Yet a lot of folks dont realize that you can kick inmoney of your own, on top of what your employer may put in each month, says Bressington. Forthose with a family health plan, the annual limit is $6,900 in 2018, so you might want to top off yourcontributions now.4. Pay extra on student loansIf you have an income-based repayment plan for your loans, you may want to make an extra payment before the end of December. The IRS offers astudent loantax deduction on the first $2,500 of interest you pay on eligible loans. If you havent maxed it out yet, nows your chance.5. Use stock losses to your advantageThat the stock market has been relatively flat this year isnt exactly great news. But it does give you the opportunity to harvest your capital losses. If you sell a poor-performing stock that youre ready to let go of anyway, you can count the loss against your capital gains for the year, thus reducing your tax bill. And if you still lik e a stock that happens to be in a rut, you can sell it and harvest your losses as long as you wait 31 days to buy more shares, adds Bressington.6. Strategize your charitable givingFewer people will be itemizing their deductions this year since the standard deduction nearly doubled. In order to get a tax break on charitable deductions, it may be better for some people to combine two years worth of giving into a single year. That way, youre making enough contributions in one calendar year to surpass the standard deduction. But it only makes sense if you have some extra money to work with. Bunching can be a good strategy as long as you manage your cash flow, says Bressington.This article was originally published on Fatherly.