A Guide to Year-End Planning for 2023

Written by Canty Financial - Published on October 19, 2023

As we near the end of another year, it's the perfect time to reflect on your financial journey and set a course for the future. Year-end planning is not just about financial housekeeping; it's a strategic opportunity to optimize your financial health and make the most of your investments. In this newsletter, we'll guide you through key areas of year-end planning for 2023.

Income Tax Planning

Income tax planning is an essential component of year-end financial preparations. As the year concludes, you have the opportunity to assess your tax situation and make strategic moves to reduce your tax liability.

Our team is here to guide you through various tax planning strategies, including:

  • Tax Withholdings Evaluation: Review the status of your tax withholdings to ensure they align with your current financial situation. You have until January 15th to make a Q4 Estimated tax payment.
  • Maximizing Retirement Contributions: Explore opportunities to maximize contributions to your retirement plans (401k, IRA, Roth Accounts), optimizing your tax benefits.
  • Tax-Efficient Investment Structures: Assess the tax efficiency of your investment portfolio and underlying holdings.
  • Tax-Deferred Retirement Account Withdrawals: Strategize on the most tax-advantageous way to make withdrawals from your tax-deferred retirement accounts.
  • Capital Gains, Dividends, & Interest Income Planning: Manage your investment income to minimize tax liabilities, including planning for capital gains, dividends, and interest income.
  • Tax Loss Harvesting: Consider the benefits of tax loss harvesting to offset gains and reduce your overall tax burden.
  • Charitable Giving Strategies: Explore charitable giving options, such as Qualified Charitable Distributions (QCDs), contribution bunching, and the donation of appreciated securities.
  • Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs): Contribute to HSAs and use remaining FSA funds before they expire, making the most of these tax-advantaged accounts.

Understanding current tax laws and staying informed about potential changes is key to making informed decisions to maximize your financial health.

Optimizing Investment Portfolios

Your investment portfolio is at the heart of your financial strategy. As we approach the end of the year, it's an ideal moment to evaluate the performance of your investments. Our advisors can provide expert advice on how to review your portfolio, ensuring it aligns with your risk tolerance and financial objectives.

In this time of market volatility, diversification and asset allocation are more important than ever. Our team regularly rebalances client portfolios to maintain your desired risk profile and we can help you make adjustments to keep you on track to meet your financial goals in the year ahead.

Planning for Retirement

Retirement planning is a journey, not a destination. Whether you're nearing retirement or it's still years away, ongoing planning is essential. The year-end is a perfect occasion to assess your retirement plan.

Our advisors are well-versed in various retirement planning strategies, such as forecasting retirement income and expenses and optimizing withdrawal strategies to ensure a comfortable retirement. We can also help you reassess your retirement goals to ensure they align with your vision for the future.

Wealth Transfer and Legacy Planning

Legacy planning goes beyond financial assets. It involves transferring not just wealth but values, stories, and wisdom to the next generation. Our advisors can assist you in creating a comprehensive wealth transfer plan, ensuring your assets are passed down as intended and with minimal estate tax implications.

We can help you understand the importance of

  • Estate Planning Review
  • Specifying beneficiaries
  • Updating your will
  • Safeguarding your assets
  • Long-term care planning
  • Establishing and managing trusts

Legacy planning is not just about securing your financial future; it's about ensuring your family's well-being for generations to come.

The Value of Professional Advice

In today's digital age, financial information is at our fingertips. However, the wisdom to interpret and act on that information effectively often requires professional advice. Our financial advisors bring invaluable insights to the table, tailored to your unique financial situation and goals.

Year-end planning is a strategic opportunity to maximize your financial health and ensure you're on the right path for the future.

Our team is here to guide you through year-end financial planning. Please don't hesitate to reach out to us for any questions or assistance you may need.

We are committed to your financial success and look forward to helping you achieve your goals in the coming year.

Best Regards,

The Canty Financial Team

Bill Canty, CFP®, CPAFinancial Planner

Ed Canty, CFP®, Financial Planner

Joe Canty, CFP®, Financial Planner

Maureen Walsh, EA, Tax Advisor

Tina Alteri, CPA, Tax Advisor

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