Year End Planning Tips – An Advisor’s Guide on How to Wrap Up The Year

As the year draws to a close, it’s time to optimize your year end financial strategy for the upcoming year. For taxes, consider tax loss harvesting, and be prepared for year-end capital gain distributions in mutual funds, which can impact your tax liabilities. It is critical that you manage Required Minimum Distributions (RMDs) in your retirement accounts. Your Merit Financial Advisor will be able to advise you on charitable planning strategies such as qualified charitable distributions and donating appreciated stock, which may provide opportunities to lower taxable income while supporting meaningful causes. Explore year-end gifting options, including annual exclusion gifts and certain contributions that can offer tax benefits and align with personal giving goals. Finally, year end is a great time to pull your annual spending summaries from your bank and credit card providers, to see what you actually spent this year.

We at Merit are incredibly grateful for our relationships with our clients.  We hope that we have served you well throughout this year, and look forward to a prosperous and peaceful 2024. 

As always, thank you for watching. Please reach out to your Merit Financial Advisor if you have any questions.

Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Merit Financial Group, LLC, an SEC-registered investment adviser. Merit Financial Group, LLC and Merit Financial Advisors are separate entities from LPL Financial.