5 ideas to keep your finances on track as 2014 winds down
SPONSORED CONTENT by the Faust-Boyer Group of Raymond James
1. Review capital gains and losses.
Your financial advisor should try to be tax sensitive throughout the year and, at year-end, review your capital gains & losses. We work with our clients’ CPAs to find out what carryover losses they may have available to use towards capital gains for the current year.
2. Be mindful of RMDs.
Once you reach age 701⁄2, you’re generally required to start taking required minimum distributions (RMDs) from any traditional IRAs or employer- sponsored retirement plans. Failure to take your RMD may result in a hefty tax penalty.
3. Maximize your contributions.
The window to make pre-tax contributions to an employer- sponsored retirement plan like a 401(k) closes on December 31. Contributions to a traditional IRA can reduce your taxable income. And while contributions to a Roth IRA aren’t deductible, they’re still worth considering because qualified distributions are free from federal income tax.
4. Plan your charitable giving.
Don’t miss your last chance for charitable giving for the year. Keep in mind that highly appreciated stock is a good candidate for gifting – you gift the stock versus selling it and paying capital gains. We work with our clients and their chosen organization to implement best procedures.
5. Prepare for the future.
Whether you expect a new addition to the family or want to build a new addition to your house, this is a great time to start thinking about next year and the life events that might impact your budget and investments.
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310 The Parkway
Greer, SC 29650
864-968-3800
Raymond James & Associates, Inc., Member New York Stock Exchange/SIPC
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Lynn C. Faust, Senior Vice President, Investments
Michael A. Faust, Vice President, Investments
Aimee S. Waite, CFP® Financial Advisor
Alex McGrath, Financial Advisor
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Specializing in high net worth financial planning, executive financial planning, generational planning, and investing for women. The Faust-Boyer Group utilizes a team approach to effectively research, plan, monitor, and service their clients’ accounts.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP(R), CERTIFIED FINANCIAL PLANNER(tm) and federally registered CFP (with flame design) in the U.S.
