2024 Financial Planning checklist
As year-end approaches, it’s a great time to begin preparing and reviewing your 2024 tax and 2025 financial planning records. Towards those goals, we are pleased to offer our comprehensive financial planning checklist – accessible online or via download with the link below:
If you have any questions or would like to schedule a meeting, please feel free to reach out to us. Happy holiday season to all!!
- Investment planning
- Portfolio risk review & re-balancing
- Tax loss harvesting
- Liquidity needs planning
- Tax Planning
- Income bracket shifting
- Reduction of taxable income for closely held business owners
- Sufficiency of tax withholding
- AMT liability reduction
- State and local estate tax planning
- Itemized deduction bunching
- FSA accounts – year end or early 2025 spending deadlines
- Retirement planning
- Maximizing 401(K) contributions:
- Annually through age 49: $23,000
- Age 50 and up: $30,500
- Maximizing IRA contributions:
- Annually through age 49: $ 7,000
- Age 50 and up: $ 8,900
- Contribution to HSA accounts
- Funding Roth and other IRA accounts for children
- Is a taxable Roth conversion right for you?
- Review benefit elections for Social Security and Medicare programs
- Strategic Planning
- Annual gifting exclusion – $18,000
- Funding 529 plans
- Funding charitable obligations with appreciated assets or cash?
- Electing a qualified charitable distribution from your IRA (QCDs)
- Consider advanced gifting, entity discounting and planning strategies
ANNUAL REMINDERS
This is a great time to review certain planning considerations:
2025 Budgeting:Review your actual 2024 spending, planned big-ticket
purchases for 2025, and debt/loan refinance options during
low interest rate environment.
Credit report:The Fair Credit Reporting Act requires each of the nationwide
credit reporting companies to provide you a free copy of your
credit report once every 12 months.
Health care and insurance:Review your insurance portfolio to make sure it meets your
coverage needs; prior to annual benefits enrollment.
Estate planning:Review Wills, Trusts, Power of Attorney, and other
documents designed to transfer or protect your assets. Review
elections and appointments made within these documents
