2020 is coming to the end. What financial decisions and tax moves do you need to make before it’s over?
A lot has happened this year, particularly in the past few weeks. As 2021 approaches, how do we need to prepare? What’s significant about changing from one year to the next? What financial moves do you need to make now?
David talks about three things that have a deadline to do by the end of the year. Based on a popular previous blog post, End-of-Year Money Moves, we talk about what you should be doing before December 31.
Often, we talk about tax-loss harvesting, but this year also includes long-term capital gain harvesting. What tax moves do you need to make in your taxable investment account? Did you take losses in your portfolio? Then, consider what the tax rates might be under Biden’s plan were it to pass.
As gift-giving holidays approach, you might be planning to give a loved on a big check. What is the gift tax? What kind of money can you give without having to report it? What forms do you need to file with the IRS?
Have you made a Roth conversion yet this year? Remember that the deadline is the end of the year. What is a Roth conversion? When and why should you do one? David shares a few client examples of what a Roth conversion could look like.
Ready to be done with 2020? Finish off what you need to when it comes to your financial plan for the year and then let’s send 2020 on its way. Here’s to a better and more stable 2021!
“If you’ve been super successful over your life and you want to give away some money, there’s a number of different ways you can do it without paying any gift tax.”
– David Dickens
CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.
Advisory Services offered through CreativeOne Wealth, LLC an Investment Advisor.
Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. None of the information contained on this website shall constitute an offer to sell or solicit any offer to buy a security or any insurance product.
Any references to protection benefits or steady and reliable income streams on this website refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by insurance company. Annuities are not FDIC insured. Provided content is for overview and informational purposes only and is not intended and should not be relied upon as individualized tax, legal, fiduciary, or investment advice.
The information and opinions contained in any of the material requested from this website are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. They are given for informational purposes only and are not a solicitation to buy or sell any of the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.