2023 End-of-Year Checklist

George Chin |

Has it really almost been a full year? 2023 has zipped by I’m sure you agree; just so much occurred this year that is a blur. 

Gratefully, inflation seems to be coming down a bit, and markets (in general) have rallied on the assumption that the Fed will likely lower rates next year. We concur with this perspective. We are investing based on our outlook for 2024. I will share more details about our investment perspective soon. Stay tuned. 
On the financial planning front, I always like to share a few items that I think make sense to consider at year-end. This checklist is a helpful summary of items that may be of interest to you.

Income tax

  • Manage income tax brackets
  • Ensure appropriate income tax withholding
  • Evaluate state income/estate taxes
  • Reduce AMT liability
  • Lower taxable income for closely held business owners
  • Consider non-qualified deferred compensation

Investment portfolios

  • Recognize capital gains/losses
  • Review strategies to avoid wash loss sales
  • Consider executive compensation provisions
  • Rebalance portfolios

Retirement planning

  • Fund retirement accounts
  • Contribute to health savings account
  • Fund Roth accounts for children
  • Weigh Roth conversion
  • Review beneficiary designations
  • Take retirement account distributions
  • Review benefit elections for Social Security and Medicare

Wealth transfer and legacy planning

  • Make annual gifts
  • Fund 529 plans
  • Fund charitable giving
  • Elect qualified charitable distribution from IRA
  • Consider advanced estate planning strategies
  • Conduct family meetings/mission statements

Source: bit.ly/3hdiRZY


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