End of Year Tax Planning

 Planning your year-end tax documents early can save time, reduce stress, and help you maximize deductions or credits you might otherwise miss. Use the checklist below to create a clear financial picture that can be used to make informed decisions before tax deadlines approach.

Year-End Planning Check List

 Required Minimum Distribution: If needed, remember to complete your RMD from your IRA.

 Charitable Gifts (QCD): If over 70 ½, consider making charitable gifts through a qualified charitable distribution. 

Charitable Gifts (Appreciated Stock): Consider donating appreciated stock to make philanthropic gifts.

Gifting to Family: Gift up to $19,000 to family members, or $38,000 if married and both spouses are willing to gift-split.

Roth Conversion: Consider converting all or a portion of your traditional IRA to a Roth IRA. This can be especially effective if taxable income is lower than anticipated for the year, and if higher taxes are expected in the future.

 Contributing to an IRA or 401(k): If taxable income is higher than expected, consider making contributions to a traditional IRA.

 Tax Loss Harvesting: If you have realized gains in the current year, or if you anticipate having realized gains in upcoming years, consider selling securities that are at a loss to offset current or future gains (and/or up to $3,000 in ordinary income). Ensure that the same or a substantially identical security is not purchased within 30 days before or after the loss sale.

Please remember to consult a qualified CPA or attorney before making any legal or tax decisions.