Another year is getting ready to close and a new one to begin…
Isn’t that some kind of Christmas song? (wink)
As you are winding down your year there are 7 things you need to look at financially to make sure 2018 ends successfully.
1. Max out your Retirement contributions.
Contact either your financial advisor or your human resource (if you still work) representative to ask how to go about this.
2. Reduce taxable income.
In a diversified portfolio you may hold investments that incur losses during the year.
You may wish to sell a losing position in a taxable account to offset your realized gains and be able to write off up to a maximum of a $$$.
By selling losing positions to realize the loss, you are reducing your taxable income for the tax year.
3. Review RMD’s (required minimum distributions)
If you turned 70 1/2 this year you are required to take a distribution. If you are not sure this is set up, contact your financial advisor.
4. Defer and accelerate business expenses.
Talk to your accountant for this answer.
5. Review Estate Plans
This is important to do to make sure all of your estate is as it should be.
6. Prepare charitable donations and planned giving.
All of which are tax write-offs, saving you money in the end.
7. Start thinking about next year.
It is never too early to think ahead of what next year may bring you in the form of finances.
Schedule a time to meet with your financial advisor via phone or in person today.
Enjoy the last month of the year and all the festivities that come with it!
Michelle Bertram and Beverly Bertram are financial advisors living in Mineral Point WI and serving the surrounding communities. Michelle Bertram does financial planning for retirees along with business consulting. Beverly Bertram specializes in retirement planning and income planning for her clients. Michelle Bertram and Beverly Bertram are authors of the book, Creating You DREAM Retirement and creators of the DREAM Retirement Process.
Serving Madison WI, Verona WI, Mount Horeb WI, Barneveld WI, Dodgeville WI, Dubuque IA, Platteville WI, Lancaster WI, Cuba City WI, Fennimore WI, Darlington WI, Monroe WI, Spring Green WI, Black Earth WI and beyond.