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2020 Year End Checklist Thumbnail

2020 Year End Checklist

Financial Planning

It’s hard to believe that 2020 is almost over. Normally we get a little nostalgic this time of year as we reflect on what has transpired so far. Not this year! We couldn’t be more excited to close the books on 2020 and get a fresh start in 2021. Hopefully, there is a vaccine that proves to be successful and we can get back to some sort of new normal.

While we are excited to close out the year, we do not want to miss out on taking advantage of some powerful and effective year-end planning opportunities.

Year-end topics can include tax planning, investment and retirement accounts, charitable giving, cash flow and savings, insurance and estate planning.

For your convenience we have prepared a checklist that covers a number of planning issues that you may want to consider prior to year-end to ensure you stay on track, including:

  • Various issues surrounding investment and retirement accounts including matching capital gains against any investment losses in taxable investment accounts and confirming that all RMDs are taken.
  • Tax planning issues including strategies dependent upon your potential for higher or lower income in the future. You will also want to review where you sit relative to your tax bracket as this is a good time to make moves to fill out brackets for the current year that also might prove beneficial down the road.
  • If you are charitably inclined, there are several strategies that will also help reduce your tax liability that can be considered based upon your situation.
  • If you own a business, tax reform has created some opportunities surrounding pass-through income from your business to your personal return. Accelerating or deferring business expenses presents another solid planning opportunity in this situation.
  • It’s wise to review your cash flow situation as you near year-end to see if you can fund a 529 plan for children or grandchildren or to see if you can save more in an employer-sponsored retirement plan like a 401(k).

This is a comprehensive checklist of the types of year-end planning issues that we like focus on to ensure you take advantage of opportunities in the current year and beyond.