The year is coming to a close – are you ready? Here are a few things you need to bring into your line of sight before you ring in 2018!
- Max Out Your Contributions: If you can, contribute as much as possible to your retirement accounts before year’s end – that’s $5500 toward your IRA (or $6500 if you’re over age 50), and $18,000 to your 401(k) (plus an additional $6000 if you’re over age 50). If you have an HSA, you can also contribute up to $3400 as an individual, or $6750 as a family (plus an additional $1000 if you’re over age 55). By contributing before December 31, you can see a positive implication on your taxes for the year.
- Don’t Forget To Take Your RMD’s: If you’re over age 70 ½, you’re required to take a certain amount from some of your accounts before the year ends. Let’s be sure to touch base before the end of the year to ensure you do what’s needed!
- Update Your Beneficiaries: Has anything happened this year that would impact your beneficiary choices? Births, deaths, adoptions, and divorces are just a handful of reasons for revisiting your beneficiary choices. It’s never a bad idea to make sure yours are correct!
- Tax-Loss Harvesting: Together with your tax professional, let’s determine your gains & losses for this year. We want to rebalance your portfolio by offsetting your realized gains against your realized losses, and as a result, minimize the impact on your taxes.
- Choose Some Charities: By making donations by the end of the year, not only can you help charities reach their goals for the year, you can also increase your tax deductions. There are many options for giving to charity, including cash, appreciate stock shares, ETF’s or mutual funds. Let’s discuss the best option for you and the charity you choose.
Please give me a call so I can be sure you’re prepared for the year to come to a close. I’d love to hear from you!