November 24, 2015
Another Year Behind Us….Where Did it Go?
Waiting until the clock strikes midnight to make health goals or 2016 resolutions may be ok – but when it comes to finances, the earlier you review your situation, and make necessary commitments, the better.
Before year end, consider contributing the maximum allowable contributions to your 401(k) or similar retirement plan. If you are self-employed and have not been setting aside retirement funds, now is the time to contribute. By rebooting your retirement savings before the New Year hits, you will get the benefit of tax deferred funds and a structured saving plan. Businesses may want to consider accelerating expenses and deferring revenue, depending on your individual tax situation.
Consider re-evaluating your estate, beneficiaries and trusts on your investments, insurance and real estate.
If you need detailed assistance, or have concerns, please call our office to schedule an appointment for year-end tax planning.
Above all, be kind to yourself, relax and enjoy the presence of friends and loved ones this holiday season.
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Was your 2016 Schedule A, line 9 close to or in excess of $10,000 ?
For most of our clients and friends the answer is YES.
An item that you may have control over as 2017 comes to a close are taxes paid.
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As many as 143 million Americans were exposed in this most recent hack. They reported it to the public in September but discover the hack on July 29th. Why the delay?
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