Welcome to a new week here on the Retirement Quick Tips podcast. I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $325 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision. 

The theme this week on the podcast is: 2021 Year-End Tax Planning Checklist

With potential tax increases on the horizon, year-end tax planning for 2021 is even more important than it has been in the past. And since the end of the calendar year is coming up, and the holidays are such a busy time, now is the perfect time...the calm before the holiday storm...to look seriously at your tax situation and take some last minute actions to minimize your taxes for this year and make some adjustments to prepare for the likelihood of higher taxes in the future. 

So this week on the podcast, I’ll talk about:

• Gifting - time may be running out on this 
• Max out 401k - make sure you’re contributing to the limit if you can afford it
• Capital gains - watch out for recently purchased mutual funds in taxable accounts & realize gains now before taxes go higher (which I think high probability that they will go higher)
• Roth conversions - especially with potential for higher taxes in the future or if your income was lower in 2021 than is typical
• Tax loss harvesting (discuss rules and wash sale)

My hope is that at least one or two of these tax-planning tips will apply to you in your situation and can potentially save you money when it comes time to pay Uncle Sam. 

I hope what I have to share with you this week will help you make smart and thoughtful decisions with your retirement. And while I am careful to not lead you astray, personal finance is not an exact science. There is no one-size-fits-all solution for everyone, so I encourage you to disregard anything I say that may not be helpful for you, and to consult your own financial, tax, and legal advisors regarding your own individual situation. 

That’s it for today. Come on back tomorrow, where I’ll dive into why now is a golden opportunity for gifting that may soon disappear. 

Thanks for listening! My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance