Join the Conversation

10 End Of Year Financial Tips

Important items you may want to consider as the year comes to a close: 


  1. Spend down your flex plan – most are “use it or lose it” plans.
  2. Make charitable donations by year end to maximize your itemized deductions.
  3. Consider whether or not a Roth IRA conversion is appropriate.
  4. Make out your 401(k) or other retirement plan contributions to lower your taxable income.
  5. If you are 70-1/2 or older, make sure you’ve taken all required minimum distributions by year end (12/31).
  6. Review your goals – are you on track? If not make changes for the coming year.
  7. Utilize leftover tax loss carry forward from prior years by capturing capital gains.
  8. 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.
  9. Review your investment portfolio asset allocation – is it still appropriate given your goals and time horizon?
  10. 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.


Pin It on Pinterest

Share This