The holidays can be a busy time with parties, family commitments and shopping, not to mention approximately 400 college bowl games. Despite the flurry of activity, it is also a time when some diligence around personal finance can help reduce your tax liability, protect your family, and set yourself up for a great 2018.
Concentrated stock positions can create wealth, but continuing to hold concentrated positions can destroy wealth. Strategies selected for dealing with your concentrated stock should consider your overall asset allocation, goals, risk tolerance, time horizon, and income taxes.
Working during retirement has both financial and non-financial benefits. However, before you go down this route, consider a range of issues, including social security, income taxes, and your asset allocation.
If you are over age 50 and unsure about your ability to meet your retirement goals, there is still time to take action to meet those goals. The IRS allows special catch-up contributions that most individuals do not take advantage of – do not lose out on this gift from Congress.
Establishing a savings plan for 2017 should be done at the beginning of the year. Thoughtful consideration should be placed in determining the type of savings you make to your employer-sponsored retirement plans.
Substantiate your charitable gifts to receive the tax deduction you deserve. A little organization and discipline can lead to better results and save you time.