Now is an ideal time to consider year-end strategies that may benefit you, and plan for the year ahead. Please call us to discuss any ideas and questions.
YEAR END FINANCIAL PLANNING STRATEGIES
1. Meet with Financial Planner: Review plan, including risk tolerance an investment objectives
2. Defer taxable income: Including capital gains, bonus, and distributions
3. Accelerate business expenses: Purchase capital assets
4. Maximize retirement plan contribution: 401K, Simple IRA, SEP IRA
5. Required Minimum Distribution (RMD): If 70 ½ take from pre-tax accounts by 12/31
6. Prepare Charitable Donations: Cash, appreciated stock, RMD
7. Review beneficiary designation and Estate Plan: Update as necessary
8. HSA Contributions and Flexible Spending Accounts: Check contributions, spend FSA
9. Harvest Losses: Consider selling taxable investments to realize loss
10. Gift to Loved Ones: Up to $14,000 per individual annually
