What Issues Should I Consider Before The End of The Year?

The end of the year provides a number of planning opportunities and issues for financial advisors to discuss with their clients. Year-end topics can include tax planning, investment and retirement accounts, charitable giving, cash flow and savings, insurance and estate planning.

In this checklist, we cover a number of planning issues that you should consider prior to year-end to ensure you stay on track, including:
  • Various issues surrounding investment and retirement accounts including matching capital gains against any investment losses in taxable investment accounts and confirming that all RMDs are taken.
  • Tax planning issues including strategies dependent upon your prospects for higher or lower income in the future. You will also want to review where you sit relative to the tax bracket as this is a good time to make moves to fill out brackets for the current year that also might prove beneficial down the road.
  • For those who are charitably inclined, there are several strategies that will also help reduce your tax liability that can be considered based upon your specific situation.
  • For those who own a business, tax reform has created some opportunities surrounding pass-through income from the individuals business to their personal return.  Accelerating or deferring business expenses presents another solid planning opportunity for those in this situation.
  • It’s wise to review the your cash flow situation as you near year-end to see if you can fund a 529 plan for children or grandchildren or to see if you can save more in an employer-sponsored retirement plan like a 401(k).

This is a checklist of the types of year-end planning issues that we discuss with our clients to ensure they consider and take advantage of opportunities in the current year and beyond. Download the checklist below!
what-issues-should-i-consider-before-the-end-of-the-year-2021.pdf
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What Next?

If you have some lingering questions after reviewing the checklist, feel free to schedule a call or come in for a review. You can use the links below.