What Issues Should I Consider Before the End of the Year?

The end of the year provides a number of planning opportunities and issues for you. Year-end topics can include tax planning, investment and retirement accounts, charitable giving, cash flow and savings, insurance and estate planning. 

In this checklist, we cover a number of planning issues that you need to consider prior to year-end to ensure they stay on track, including: 

• Various issues surrounding investment and retirement accounts including matching capital gains against any investment losses in taxable investment accounts and confirming that all RMDs are taken 

• Tax planning issues including strategies dependent upon your prospects for higher or lower income in the future 

• For those who are charitably inclined, there are several strategies that will also help reduce your tax liability that can be considered based upon their situation 

• For those who own a business, tax reform has created some opportunities surrounding pass-through income from your business to your personal return. Accelerating or deferring business expenses presents another solid planning opportunity for business owners 

• It’s wise to review your cash flow situation as you near year-end to see if you can fund a 529 plan for children or grandchildren or to see if you can save more in an employer-sponsored retirement plan like a 401(k)