Where does the year go?

November 23, 2015by Jon Dockery0

With the Thanksgiving holiday upon us, 2015 is quickly coming to an end. What an exciting year it has been for me with joining the LeConte Wealth Management team and transitioning my accounting practice. With our hectic lives, we have many important responsibilities that can get forgotten until they become an emergency.

With 2015 wrapping up, what should be taken care of before year-end? There are numerous options to save taxes depending on your situation, but some major things to consider will be:

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Harvest Losses-

If you’ve recognized some capital gains throughout the year, offset those by selling some of your loss positions. If you really like those stocks for the long-term, you can repurchase after 30 days without worry of wash-sale rules.

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Pay 0% Tax on Gains-

If you are in the 10% or 15% tax-bracket, the long-term capital gains rate is 0%. This could have other impacts, so we need to discuss the overall impact on things like Social Security.

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Defer Taxes & Save for Retirement –

If you are eligible for a 401(k) or other retirement plan, contributing to these accounts will save taxes this year and get you that much closer to financial independence down the road.

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Find a Worthy Charity –

If you have appreciated stocks, a great option is to give it to your favorite charity. You can get a charitable deduction for the full fair market value and avoid having to pay taxes on the appreciation.

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Take Distributions-

Several accounts have yearly requirements for distributions or spending. If you are 70 ½ or older, you likely have Required Minimum Distributions that need to be taken from your retirement accounts. For those younger, you may have deferred money into a Flexible Spending Account that needs to be spent before you lose it.

Have you taken care of everything you need to for 2015?  If you are unsure, we need to get together and review your situation before it becomes a financial crisis.

Jon Dockery

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