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Category: Year-End Financial To-Do

34 posts categorized as "Year-End Financial To-Do"

Year-End Financial To-Do: Resolve to Get Your Estate Plan in Shape

Dec 29, 2021

By Jeffrey R. Wolfe, Senior Vice President and Manager, Wealth Planning Strategies

As we complete this edition of our year-end financial to-do list, it’s time to look at New Year’s resolutions. Maybe you have the traditional “lose weight” or “get in better shape” resolutions, which are all good things. However, consider resolving to get your estate plan in order for 2022 as well.

It’s estimated that more than 50% of adult Americans don’t have an estate plan.

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Year-End Financial To-Do: Last Call for 2021 RMDs

Dec 27, 2021

By Theresa Cagle Fry, Senior Vice President and Manager of IRAs, Retirement & Education Planning

Another year is almost behind us. If you are like me, you have probably caught yourself saying, “I’ll take care of that after the holidays.” Well, we are down to the last few days of the year and if you have yet to take your 2021 required minimum distribution (RMD), now is the time.

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Year-End Financial To-Do: Take or Defer Gains and Deductions

Dec 22, 2021

By Jeffrey R. Wolfe, Senior Vice President and Manager, Wealth Planning Strategies

It’s nearing year end, and while you may be looking forward to a fabulous New Year’s celebration, remember the tax man comes calling next year as well! Accordingly, now is a good time to review your tax situation for opportunities to pay less taxes or pay taxes at a lower rate. Markets have been pretty strong this year.

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Year-End Financial To-Do: Evaluate Roth IRA Conversion

Dec 21, 2021

By Theresa Cagle Fry, Senior Vice President, Manager of IRAs, Retirement & Education Planning

If you have been considering a Roth conversion, there are only a few weeks left in the year for the conversion to count as a taxable transaction for 2021. Unlike eligibility rules for Roth IRA contributions, anyone can choose to convert existing traditional IRA assets to a Roth IRA, but conversion comes with a cost – you pay income taxes on the amount you convert in the year you convert.

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Year-End Financial To-Do: Remember Retirement Plan Deadlines

Dec 14, 2021

By Edward “Ed” V. O’Neal, Senior Vice President and Manager, Retirement Plans

Most business owners are accustomed to the year-end being a hectic time, and those with employer-sponsored retirement plans have additional items they must be mindful of as we approach the end of 2021. While many folks might be ready to bid good riddance to 2021 and celebrate the arrival of 2022, retirement plan sponsors need to ensure that their plans have met important deadlines and are prepared for upcoming compliance requirements before the partying begins.

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Year End 529 Plan

Year-End Financial To-Do: Review 529 Plans and Education Expenses

Dec 9, 2021

By Eric Estelle, Manager, Financial Planning & Marketing

 

With only a few weeks left in the year, it is important to check all the boxes on your financial planning to-do list. Not everyone has 529 plans near the top of their list, but if you have a 529 plan, it is important to look at several items related to education savings and expenses before year end.

Avoid taxes and penalties

If you are utilizing 529 funds now,

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Year-End Financial To-Do: Check Your Withholding

Dec 7, 2021

By Theresa Cagle Fry, Senior Vice President, Manager of IRAs, Retirement & Education Planning

Nobody likes to have surprises when they file their income tax return. One easy way to estimate if you may be getting a refund or owe income taxes is to do a paycheck check-up and review your withholding elections while there still may be time left in the year to make adjustments.

The IRS offers a Tax Withholding Estimator* to help you make sure you are having the right amount of tax withheld from your paychecks.

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Year-End Financial To-Do: Making Annual Gifts to Family and Unique Charitable Giving Opportunities for 2021

Nov 30, 2021

By Jeffrey R. Wolfe, Senior Vice President and Manager, Wealth Planning Strategies

Many love the feeling of a satisfying gift to a loved one. For those that may face a potential federal or state estate tax, making annual gifts to loved ones can feel even better because it may keep possible tax dollars away from the government. Under federal law, every person can gift up to $15,000 per person per year.

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Year-End Financial To-Do: Holidays Are a Great Time to Address LTC Denial

Nov 24, 2021

By Dan Schulte, Senior Vice President and Manager, Annuities and Insurance

The end of the year is approaching, and with that comes plans for holiday get-togethers with family and friends. It can also create a sense of urgency since there are only a finite number of days remaining to accomplish things you wanted to get done. As we march toward the end of another year, you may want to use this opportunity to do some year-end financial planning.

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Year-End Financial To-Do: Harvest Capital Losses to Offset Capital Gains

Nov 22, 2021

By Eric Estelle, Manager, Financial Planning & Marketing

In general, the stock market has been on the rise in 2021. However, not all investments rise and fall in lockstep. It is possible to have several positions in your portfolio with significant gains and others with comparable losses. These disparities could mean your portfolio needs a re-balance, but this potential problem might also provide tax savings opportunities. You might be able to mitigate capital gains taxes and reallocate your portfolio in a tax efficient manner by using a strategy called “tax loss harvesting.”

For tax purposes,

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