Episode 279

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Published on:

29th Nov 2023

What Issues Should I Consider Before the End of the Year?

Amy Irvine discusses important financial considerations to keep in mind before the end of the year. She covers topics such as unrealized investment losses, capital gain distributions, required minimum distributions (RMDs), qualified charitable distributions (QCDs), income and tax planning, capital gains, thresholds for tax brackets and Medicare premiums, business expenses, retirement plans, changes in marital status, maximizing health savings accounts (HSAs), insurance planning, estate planning, and financial aid strategies for college.

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Key Takeaways:

  • Consider taking losses on unrealized investments in taxable accounts before the end of the year.
  • Include end-of-year capital gain distributions in tax estimates for taxable accounts.
  • Ensure compliance with RMD requirements, including from inherited IRAs.
  • Utilize QCDs for charitable giving to avoid claiming income from IRA donations.
  • Plan for future income changes and consider IRA contributions, conversions, and Roth contributions.
  • Utilize carry forward losses and be aware of tax thresholds for various deductions and surcharges.
  • Consider maximizing charitable contributions to potentially itemize tax returns.
  • Evaluate income tax implications of future windfalls or stock options.
  • Explore QBI deductions for pass-through income from businesses.
  • Consider deferring or accelerating business expenses to optimize tax liability.
  • Update W-4 forms after changes in marital status to avoid unexpected tax bills.
  • Maximize contributions to HSAs, retirement plans, and 529 plans before year-end.
  • Utilize FSA funds before the end of the year and be aware of rollover and grace period options.
  • Review estate plans for changes in family or assets and consider annual exclusion gifts.
  • Implement financial aid strategies for college, such as reducing income in specific years.

Links to the Checklists Mentioned in this episode

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

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About the Podcast

Money Roots
Money Roots with Amy Irvine
Welcome to "Money Roots," the podcast where personal finance becomes personal. Join host Amy Irvine, CEO of Rooted Planning Group, as she demystifies the world of finance and makes it approachable for everyone, from beginners to financial experts.

In each episode, Amy and her guests dig deep into the financial soil, planting the seeds of financial knowledge and helping you nurture your financial future. Whether you're looking to build a solid budget, invest wisely, or plan for retirement, "Money Roots" has you covered.

Get ready to explore practical advice, inspiring stories, and expert insights that will empower you to take control of your financial destiny. It's time to grow your money roots and thrive financially!

Subscribe to "Money Roots" now and join Amy on this exciting journey to financial empowerment. Let's put down some roots and flourish together.

About your host

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Amy Irvine

As a kid, I always liked numbers. I would spend hours creating math problems and solutions. Whenever I wanted to play math teacher, my brother was forced to be my student! Given my love of facts and figures, it’s really no surprise that I chose a career where I work with numbers.

I believe that you can use your dollars and cents to create and live a meaningful life unique to your own dreams and desires. I started Rooted Planning Group because I wanted to offer financial PLANNING services. Our profession has a tendency to focus on “assets under management,” but I wanted to focus on the journey of your life (what I refer to in the podcast as your financial “vineyard”). I truly believe that, like wine, life and finances have different palettes that should be celebrated and not judged.

My journey as a business owner was not a direct path; it’s more of a long and winding road. Over the course of the past 30 years, I’ve worked in various financial services positions, but I’m most proud of the ensemble of women that I’ve brought together at Rooted Planning Group.

I am the author of Uncork Your Finances and the podcast host of Money Roots.

I also co-founded the Southern Tier Women's Financial Conference in 2014, an annual event dedicated to collaboration, networking, and financial education for women.