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8 Family Financial To-Do's

Presented by Tim Carlson & Bob Dillon of WESTconsin Investment Advisors.

1. Think about deductions. If you have made a great deal of money in a given year and have the option of postponing a portion of the taxable income until the following year, that may bring some tax savings.

2. Can you maximize your retirement plan contribution at the start of the year? If you can do it, do it early – the sooner you make your contribution, the more interest those assets may earn.

3. Required Minimum Distributions? Retirees over age 70½ must take RMDs from traditional retirement plans. Make sure you are aware of the deadlines.

4. Transaction? Did you (or will you) sell any real property this year? Start a business? Receive a bonus? Sell an investment held outside of a tax-deferred account? These moves may have an impact on your taxes.

5. Charitable gifts? Remember, if you make charitable contributions this year, you may claim the deductions on your return.

6. Mortgage payments? Can you make a January mortgage payment in December, or make a lump sum payment on your balance? If you have a fixed-rate mortgage, a lump sum payment may reduce the loan amount and total interest paid.

7. Life changes? Did you marry or divorce? You may want to change beneficiary designations and/or take look at your insurance coverage. If your last name is changing, you will need a new Social Security card.

8. Do not delay – get it done. Talk with a qualified financial or tax professional.

Tim Carlson may be reached at (800) 924-0022, ext. 7219. Bob Dillon may be reached at (800) 924-0022, ext. 7218.

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