How do we help?

You may already know that we regularly review and rebalance your portfolio to keep it aligned with your stated goals and objectives. Did you know that we also regularly assess your entire financial situation and consider tax strategies that may be right for you during a given tax year?

• Monitor Required Minimum Distributions (RMDs) to ensure they are met by year end for accounts we manage
• Qualified Charitable Distribution (QCD) record keeping and reporting to tax preparers
• Roth IRA Conversion considerations and analysis
• Rebalance investments to avoid excessive taxable fund capital gain distributions when appropriate
• Harvest tax losses as they become available
• Social Security benefit taxation considerations
• Communicate with your tax preparation professionals as needed

What else can you do?

Please consult with your tax professional to see if any of these suggestions are appropriate for you in this and future tax years.

• Send us a copy of your latest tax return for review
• Let us know if you have any prior year loss carry-forwards
• Bundle Deductions to possibly exceed the higher standard deduction
• Consider Qualified Charitable Donations (QCDs) directly from IRAs to help meet RMDs.
• Write QCD checks early. They must be cashed by the Charity by 12/31.
• Gift appreciated assets to a charity or Donor Advised Fund
• Maximize your annual retirement plan contributions, or at least maximize employer contribution matches.
• Spend any remaining Flexible Spending Account (FSA) balance.
• Consider a Health Savings Accounts (HSA) if you have a high-deductible insurance plan.
• Maximize contributions to 529 plans that qualify for state tax credits
• If a pass thru Business Owner, consider utilizing Qualified Business Income (QBI) 20% Deduction and newly implemented State And Local Tax (SALT) prepay options.

Utilizing these and other strategies to limit your income may also help negate or lower additional tax expenses such as Medicare premiums, Net Investment Income Tax (NIIT), and the portion of your Social Security income that is taxable.

Tax planning can be complex, and we are here to help simplify it for you. Please give us a call to discuss any of these or other items in more detail.