Year End Financial Strategies

As we approach the end of the year, it’s an opportune time to review and optimize your financial and tax strategies. Here are some key considerations:

1. Tax-Advantaged Accounts: Contribute fully to retirement accounts, including any plans offered by your employer. If you’re self-employed, there are options for you, too.

2. Gifting: Take advantage of the $18,000 annual gift tax exclusion per individual and consider the pros and cons of educational gifting.

3. Charitable Contributions: A large chunk of charitable giving occurs in December. Do you have a charitable giving strategy?

4. Estate Management: Explore strategies that can put you in better control of your estate.

5. Investments: Review your money decisions to see if your investments are working hard for you.

6. Income Timing: Don’t forget to evaluate the timing of income, such as bonuses.

These strategies may help as you review your financial position. For more insights, please reach out with specific concerns.

Harness, November 12, 2024

This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm.