The LEARNING library

Year-End Planning

Have you noticed the Christmas decorations already in retail stores? They’ve situated Santa Clause between the Halloween costumes and the Thanksgiving table display. It’s TOO SOON. Wouldn’t you agree? However, it is a good reminder that now is the time to start thinking about year-end planning.

Between now and December 31, there are a few decisions that need to be made. U.S. News made a great checklist, and we’re going to cover each one:

1. Schedule a meeting with your financial planner and accountant
2. Donate to charity
3. Max out retirement contributions
4. Use of FSA (flexible spending account) money
5. Check your beneficiaries
6. Take your required minimum distributions
7. Defer income and accelerate expenses
8. Make 529 plan contributions
9. Consider a Roth conversion
10. Maximize your gift allowance
11. Adjust your tax withholding

We may not be ready for Santa … but we’re definitely ready to get the details out of the way for the holiday season. We hope you are too!