Year-End Tax Checklist





Year-End Tax Checklist

Believe it or not....tomorrow is December 1st!  Where has the year gone??  As the year draws to a close, there are several tax-saving ideas you should consider.  

  • Retirement distributions and contributions - Make final contributions to your qualified retirement plan and take any required minimum distributions from your retirement accounts.  The penalty for not taking your minimum distributions can be high - as much as 50% penalty!
  • Investment Management - Re-balance your investment portfolio and take any final investment gains and losses.  Capital losses can be used to offset capital gains.  You can also take up to $3,000 of capital losses in excess of capital gains each year and use it to lower your taxable ordinary income.
  • Last-minute charitable giving - Make a late-year charitable donation. 
  • Noncash donations - Gather up noncash items for donation,document the items, and give those in good condition to your favorite charity.  Make sure you get a receipt from the charity and take a photo of the items donated.
  • Gifts to family and friends - You may provide gifts to an individual of up to $14,000 per year in total.  Just remember, all gifts given - including birthdays, holidays, etc. - count toward the annual total.
  • Organize records now - Start collecting and organizing your end-of-year tax records.  The filing deadline will be here before you know it!

Meet the team

Have you met our team?

We have a wealth of experience in the financial services industry.

Website Design For Financial Services Professionals | Copyright 2019 All rights reserved