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Have You Completed your Year-End Checklist? Thumbnail

Have You Completed your Year-End Checklist?

In this week's Arista Advice, Paul L. Moffat of Arista Wealth Management discusses some items to consider in your year-end checklist before the year closes out.

Full Transcript:

Welcome to Arista Advice. Hope you’re well and having a great week.

As we come near the end of 2019 there’s a lot of things many people are focusing on such as presents, such as decorations, travel, spending time with family, and those are all wonderful, very, very important things. I know that Kathrine and I are looking forward to the holidays. But when the year closes the years closes, and there’s just some things that you can’t do.

One of the things that we want you to consider of doing before the year closes out is reviewing a year-end checklist.

As you’ll see on this year-end checklist, look at charitable giving, look at funding retirement accounts and opening retirement accounts, funding and discussing your tax-loss harvesting. Do you have some gains? Do you have some losses? Can you offset them?
Calling your CPA and having a conversation about tax planning, looking at itemized deductions, looking at required minimum distributions. The time and the amount that you have to take out of your IRA by the end of the year. Beware the amount that the government says is not taken out, there is a 50% penalty on the amount that’s required to be taken out, and then you have to pay ordinary income on it. So it’s a hefty, hefty burden in tax if you don’t take out the right amount, and then also and most important, make sure that you in the year-end checklist create some wonderful memories with family, friends, and associates.

None of us know what tomorrow will bring. All of our lives are short and unpredictable, so please go out there and have fun. Have a great holiday season and make sure all those that you love are around you and near you.

Hope you’re well. Look forward to talking to you soon.