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2016 Year-End Checklist (Pre-Retirees)

December 1, 2016 by admin

Just when you thought you couldn’t juggle one more competing priority—here comes the holiday season packed with parties, family gatherings, shopping, school, church, and community programs, and—oh, yes—year-end tax planning. No need to panic! The following checklist can help you simplify and manage critical 2016 planning deadlines, leaving you more time to enjoy with family and friends.

Don’t forget…December 31st marks the deadline for:

  • Making charitable contributions (including cash, non-cash, and stock contributions)
  • Gifting to family members
  • Selling stocks or listed options to realize a gain or loss
  • Contributing to qualified retirement accounts (IRAs, 401(k), 403(b), etc.)
  • Completing a Roth conversion
  • Rolling over FSA balances in employer-sponsored plans
  • Paying for qualified out-of-pocket healthcare services, procedures, or equipment for the purpose of itemizing medical expenses (for taxpayers under age 65, the IRS allows you to deduct medical costs on your tax return as long as they are more than 10 percent of your adjusted gross income; taxpayers age 65+ can still use the 7.5 percent threshold to claim itemized medical expenses through the 2016 tax year)

Year-end is also a good time to:

  • Check progress against your financial plan
  • Refine 2017 financial goals and priorities
  • Review/update beneficiary designations
  • Review/adjust asset allocations, as needed
  • Review/update estate planning documents (wills, trusts, healthcare directives, etc.)

If you have questions or need assistance with year-end financial and tax planning, don’t hesitate to contact us at (714) 634-8051 or email us at