Year-end Tax Planning

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BY SUZANNE HAZLETT, MBA, CIMA®, CFP®

Suzanne Hazlett, MBA, CIMA®, CFP®, founder of HAZLETT WEALTH MANAGEMENT, is a Certified Investment Management Analyst® and CERTIFIED FINANCIAL PLANNERTM professional.

American author and humorist Dave Barry would tell us about tax planning: “It’s time to gather those receipts, sharpen that pencil, and stab yourself in the aorta.” Hopefully, this checklist will help make organizing your year-end tax planning a little easier. While not intended to be comprehensive, it may help you prepare to discuss your situation with your financial advisor and tax professional.

The following are some topics you may wish to consider:

INCOME AND TAXES – Different types of income carry different tax rates:

  • Salary
  • Interest & dividends
  • Short & long-term gains
  • Social Security
  • IRA withdrawals
  • Other income

RETIREMENT PLANNING – Consider whether you:

  • Are you maximizing your retirement plan contributions and catch-up provisions
  • Should convert to a Roth IRA
  • Should complete required minimum distributions (RMDs)

CHARITABLE GIVING – Consider whether you:

  • Can make a charitable contribution this year
  • Can maximize giving contribution limits
  • Have highly appreciated assets that could be part of your giving strategy
  • May wish to make a tax-free distribution directly to a charity

SMALL-BUSINESS OWNERS – Consider whether you:

  • Are eligible for additional retirement contributions
  • Can control income and deductions

ESTATE PLANNING – Consider whether you:

  • Should review estate planning objectives and existing documents
  • Should gift to family members to reduce future estate taxes
  • Can you fund college education savings with a tax-deferred plan
  • Have adequate life insurance to provide for your family or liquidity for your estate

KEY DATES FOR TAX YEAR 2024

10/15/2024 — Deadline to file your 2023 personal income tax return if you received                    an extension

12/31/2024 — Last day to complete charitable contributions in 2024

1/15/2025  — Fourth estimated payment for 2024 is due

4/15/2025  — Last day to contribute to traditional and Roth IRAs for 2024

Suzanne Hazlett, MBA, CIMA®, CFP®, is a Certified Investment Management Analyst® and CERTIFIED FINANCIAL PLANNERTM professional. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities are offered through Raymond James Financial Services, Inc., member FINRA/SIPC. All investments bear risk of principal loss. Past results are no guarantee of future performance. HAZLETT WEALTH MANAGEMENT, LLC is independent of Raymond James and is not a registered broker/dealer. 675 Sun Valley Road, Suite J1 + J2, Ketchum, Idaho, 83340 208.726.0605 HazlettWealthManagement.com