8 Ways to Plan for a Successful Finish for 2016

8 Ways to Plan for a Successful Finish for 2016

Early on in my life, I was told a simple phrase that’s always stuck with me. “If you fail to plan, you are planning to fail.” Benjamin Franklin was on to something when he said this over 200 years ago.

2016 is coming to a close, and the time for implementation on a lot of our plans is coming to close (especially pertaining to taxes). Here are 8 important reminders and Tax Tips to help you finish off the year right:

  1. Contact your tax professional and schedule your appointment now, before they get slammed with appointments. For our clients, most 1099s and tax information is available starting at the end of February into mid-March.
  2. If over age 70 ½, ensure your Required Mandatory Distributions have or will come out retirement accounts prior to the end of the year. See HERE for more information.
  3. Ensure you have maxed out your retirement account contributions. For IRAs, and SEP IRAs, the deadline is in April, but for employer-sponsored plans like 401(k), 403(b), 457 etc. the deadline to contribute for these accounts is December 31st. The contribution limit for these non-IRA accounts is $18,000 with a catch up amount of $6,000 for individuals over age 50.
  4. Make sure you have proper receipts and documentation for all charitable giving.
  5. If you have rental properties, make sure you have been calculating the miles you drive to and from your rental, home depot, etc for possible deductions. See HERE for more information.
  6. Ask yourself, "Do I have any future distribution needs outside of my regular investment withdrawals?" If so, let’s make a plan on how to create funds in the most tax efficient way.
  7. Double check any flexible spending accounts (FSAs). These are accounts that employers set up that allow contributions to pay for medical and childcare expenses. These types of plans often follow the “use-it-or-lose-it rule.”
  8. Any remaining buys or sells that need to be placed before the end of the year need to be done by December 22nd. Examples of this would be for Tax Loss or Gain Harvesting.

If you would like assistance in planning for, or resolving questions pertaining to any of these areas, please give us a call at (559) 432-3877 and we will be happy to help.


Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Tax laws and provisions are subject to change.

The financial consultants at Veater Financial Group are registered representatives with, and securities and advisory services are offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.

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