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7 Year-End Tax Planning Reminders

December 9, 2022

By Julie E. Hall, CFP®, CFT-I™, MSF

While we recommend proactive, coordinated tax planning throughout the year with your tax professional and financial advisor, as another year ends, we want to remind you of a few essential year-end tax-planning considerations:

  1. Fund year-end family or charitable gifts in a tax optimal way:
    • Qualified charitable distribution (QCD)
    • Donating appreciated securities 
    • Bunching charitable contributions
  2. Wrap up your 2022 Required Minimum Distributions
  3. Wrap up any planned Roth Conversions
  4. Double-check your year-to-date tax withholding relative to your projected income tax
  5. Review your tax bracket to see if you should defer some income
  6. Reduce your tax liability through tax-loss harvesting
  7. Maximize any applicable state tax benefits, for example, in Michigan:
    • Fund your state-sponsored 529 College savings plan to maximize your state tax deduction
    • Consider funding the Michigan First-Time Home Buyer Savings Account to benefit a family member with a future first-time home purchase in Michigan

The end of the year is a busy time for everyone, and we don’t want you to miss out on any of the year’s key deadlines or final opportunities that might apply to you. We can walk you through a step-by-step checklist to review the details and benefits of the strategies outlined above to help make sure you’re buttoned up for the year and can confidently head into the final stretch.

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