Before you VEG OUT there are some things or updates that could be (very) important and that I’d like to discuss with you in person right away before the end of the year. Take a minute, right away, and call me for a time when we can meet.
In the meantime, here are some end of year reminders, action steps, etc.:
STEPS TO TAKE NOW IN ORDER TO SAVE ON TAXES AND YOUR INCOME
1. Begin to summarize all of your expenses for the year to make sure you are getting all the deductions you are entitled to either personally or for your business.
2. If you have stock losses, consider selling before year end to offset gains you may have on investments sold during the year. Remember the IRS prohibits selling shares you purchased in the last 30 days of originally buying the shares.
3. Make sure, cash providing, that you contribute as much as you can to your IRA or other retirement plans before year end. If you don’t have a retirement plan, we can set one up for you.
4. When in doubt, defer income and accelerate your deductions. Make an extra mortgage payment or pay property taxes and state estimated tax payments before December 31st.
5. If you were scheduled to make estimated tax payments during the year avoid or minimize penalties by making the payments before year end.
6. The IRS encourages you to donate to charities both in cash and merchandise. Keep a record and detail on what you give and the dates. Fair market values should not exceed one third of what you originally paid for the items.
7. Remember that you will have to provide proof that you are covered for health insurance. If covered by a state plan, you will have to provide 1095 forms so that we can report on your filing for 2015. It will be mandatory–with higher fees this year if you don’t have health insurance. We are here to help you with your health insurance needs.
8. Next year is a presidential election year , which has the possibility to roll markets. Consider re balancing your portfolio and try to minimize risks. Re balance now and don’t wait for later. Companies with strong balance sheets and cash flows may be boring but may provide some protection in a downturn.
We will be sending out helpful tax organizers after Thanksgiving. We will provide you with an electronic version if you gave us your email address or via mail if you preferred a hard copy.
AGAIN, if you have any questions about any of these steps pertaining to your future, just ask me…
Call 310-374-8832 and make a brief appointment.
I wish you and your family and friends all the best during this holiday season.
Thank you for trusting us with your financial and tax service needs.
Certified Financial Planner™ CFP®
Chuck Anderson, C.P.A., Inc.