10 End Of Year Financial Tips
Important items you may want to consider as the year comes to a close:
- Spend down your flex plan – most are “use it or lose it” plans.
- Make charitable donations by year end to maximize your itemized deductions.
- Consider whether or not a Roth IRA conversion is appropriate.
- Make out your 401(k) or other retirement plan contributions to lower your taxable income.
- If you are 70-1/2 or older, make sure you’ve taken all required minimum distributions by year end (12/31).
- Review your goals – are you on track? If not make changes for the coming year.
- Utilize leftover tax loss carry forward from prior years by capturing capital gains.
- Ensure any plan to gift money (tax free up to 15,000 per person!) has been executed, including gifts to family and/or 529 plans.
- Review your investment portfolio asset allocation – is it still appropriate given your goals and time horizon?
- Are your estate planning documents up to date? Review if there have been changes in marital status, family births or deaths, significant change in net worth, etc.