There may be opportunities for you as we move into end of year to minimize your taxes or set things up to maximize your net of tax returns – both important contributors to achieving your long-term financial planning goals. Please give me a call to discuss any of the items below that may be relevant to your situation. The best time to do this is before 12/1/17. This will give us time to coordinate with your tax professional and to take steps as appropriate.
- Does your tax professional know your year-to-date realized gains and losses and projected income from all sources?
- Is there a need to realize additional capital gains or losses?
- Do you have ISOs (Incentive Stock Options)? Do you plan on exercising or a taking a disqualifying disposition?
- Do you need to take your IRA Required Minimum Distribution (RMD) and has the appropriate amount of taxes been paid throughout the year factoring in the RMD amount?
- Would it be beneficial for you to take a distribution from your IRA (even if not required to do so) or convert an amount to a Roth IRA?
- Should a Charitable Rollover Distribution (Qualified Charitable Distribution) be part of your plan? This may be appropriate if taking RMDs from your IRAs and you have charitable goals.
- Are you interested in donating low basis stock to charity or to a Donor Advised Fund?
Helping you take steps to maximize your wealth is why I’m here, so please do give me a call if I can help. Feel free to forward this, as well, to anyone you care about who might need someone to help them work through these year-end planning considerations.
With best wishes as we go into the final months of the year,