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3 Finance Tasks To Tackle Now

05 Jul 2016

3 Finance Tasks To Tackle Now

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It’s easy to put off financial tasks until deadlines demand action, but you’ll get more peace of mind by tackling certain items before the year comes to a close. Enjoy quality time with friends and family without having these to-do’s rattling around in the back of your mind.

Make Charitable Contributions
Now is a great time to make charitable contributions, especially if you anticipate being in a lower tax bracket for 2018 due to retirement or a job change. Cash may be king, but if you donate highly appreciated stocks, you and your chosen charity will be off the hook for paying capital gains taxes.

Top Off Your Retirement Savings
Do your best to make the maximum annual contribution allowable to your tax-advantaged retirement accounts. Technically, you have until tax day of 2018 to make 2017 contributions, but if your employer is offering a match, try to increase your contribution amount to claim that “free” money.

Rebalance Your Portfolio With Tax-Loss Harvesting
Markets can make a lot of moves within a year. Work with your investment advisor to ensure your portfolio isn’t succumbing to style drift and is still appropriate for your goals and situation. The end of the year is an ideal time to consider tax-loss harvesting strategies. By liquidating “losers” to realize a loss on certain holdings, you can offset taxable gains from the “winners.”

As with all financial matters, work closely with your financial advisor, accountant and attorney to make sure all is well in your financial universe.

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