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3 Tasks for Year End Planning Thumbnail

3 Tasks for Year End Planning

A reflection by Wayne Wagner Jr., ChFC

As you plan your family dinners, do your holiday shopping, and prepare for the chaos this time of year brings, we want to help! Maybe not with those details, but by confirming you have a plan in place to manage your tax bracket for year end. And let's take it one step further and strategically plan to bless the charities close to your heart during this holiday season. 

As we're running into the end of the year, now is the time.

Self-employed? How's that Retirement Plan?

If you have self-employment income this year and you don't have a retirement plan set up yet, you need to get that done right away. You don't have to fund it until you're ready to file your taxes for this year sometime next year. The plan has to be set up now so get on it or call us and let us get on it for you.

Maximizing Your Roth Conversions

If you're looking to manage your tax brackets by doing a Roth conversion this year, it's time to get on it. Roth conversions are hard to get done at the last minute. If you're thinking about doing a Roth conversion, please schedule time with my office Let's talk about it and see if it makes sense for you for year end planning.

Getting Smart About Charitable Contributions

You've got about 30 days left to manage your tax bracket with charitable contributions for this year. If you're thinking about donating appreciated stocks or cash to organizations that you're passionate about, now is the time to get it done.

If you don't know what organizations you want to give to, let's talk about potentially using a donor advised fund so you can give the stock or give the assets this year and get the tax deduction but not actually distribute the money to the organization that you ultimately will down the road.

Those three things are all high priorities in the next 30 days. If any of these is on your radar screen and we haven't talked about it, reach out, and let's make sure that your planning for the year is locked up before the end of December. Have a great day. From all of us here at Vizionary Wealth Management, happy holidays. We look forward to speaking with you more in the days to come. Take care.