Five year-end planning ideas that could reduce the tax bill

Five year-end planning ideas that could reduce the tax bill

With tax bills among clients’ top concerns, year-end planning offers an opportune time to take advantage of tax-smart strategies and meet 2014 deadlines. Here are five year-end planning ideas that require action by December 31, 2014, that could help you identify ways to build your business. 1. Review required minimum distributions (RMDs). Many investors take

Tax bracket drives strategies

Tax bracket drives strategies

Before taxpayers select year-end planning strategies, it’s important to first calculate their individual tax bracket. The marginal tax bracket will determine which strategies could be beneficial and drive all other financial planning decisions. Chris Hennessey discusses the importance of understanding income levels, while highlighting some ideas for clients in different tax brackets. Consider different strategies:

Year-end retirement planning priorities

Year-end retirement planning priorities

As investors review their investments in the coming weeks, retirement planning is a priority, especially those strategies that involve year-end deadlines. Chris Hennessey identifies several areas that require action before December 31. Retirees age 70½ or older must take required minimum distributions (RMDs) from individual retirement accounts or 401(k) plans by December 31. The Internal

The urgency behind year-end planning

The urgency behind year-end planning

The end of year is a critical time for financial planning — with many strategies having a December 31 deadline. Chris Hennessey explains why urgency about financial planning moves may be specific to the final quarter of the year, including: required minimum distributions, gifting, funding a 529 college savings plan, or reviewing asset allocations. Investors