Have You Completed Your Year-End Tax Planning Checklist?
Year-end deadlines are fast approaching for many strategies that can help keep a lid on taxes. To help ensure you’re not paying more than your fair share, take a moment to review the checklist below. Unless otherwise noted, December 31 is the deadline for each of the strategies listed.
To learn more about tax-smart strategies, call the office to schedule a meeting.
1) “Retirement Plan and IRA Required Minimum Distributions FAQs.” IRS.gov, 14 MAR 2023, https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs.
Why Emergency Preparedness Becomes More Important As You Age
How easy or difficult would it be for you to leave your home if you were evacuated with little or no advance notice? Would you know where to go and what to bring? Who would assist you? Would you have access to transportation? According to the Federal Emergency Management Agency (FEMA), when a disaster strikes the senior population is one of the most vulnerable, especially for those who live alone.1
Preparation is the first step toward ensuring the best possible outcome in any emergency situation. Organizations like FEMA, the National Institute on Aging, and the American Red Cross recommend starting with a list outlining any specific needs you or a loved one in your household may have, such as transportation assistance or medical conditions that require special treatment or equipment.
It’s also important to work with your family, caregivers, healthcare providers or local community services organizations in advance of a disaster to identify designated shelters that can accommodate your transportation, equipment, and/or healthcare needs, such as a wheelchair or scooter access, dietary needs, accommodations for pets, etc.
Experts in emergency preparedness also recommend creating a “go kit” containing:
Review and update your plan and kit contents regularly as your needs change, or as documents or medications are updated over the course of the year. Be sure to sign up for alerts and warnings on your smart phone or other devices from local and national emergency management organizations to receive timely and accurate information for your location. To learn more, visit Ready.gov/older-adults or RedCross.org.
1) ”Seniors – Prepare Now for an Emergency.” FEMA.gov, Updated 26 APR 2023, https://www.fema.gov/fact-sheet/seniors-prepare-now-emergency.
This information was written by KRW Creative Concepts, a non-affiliate of the broker-dealer.
This communication is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought. Neither Cetera Advisors LLC nor any of its representatives may give tax or legal advice.
Converting from a traditional IRA to a Roth IRA is a taxable event.
Distributions from traditional IRAs and employer sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching age 59 ½, may be subject to an additional 10% IRS tax penalty.
Investors should consider the investment objectives, risks, charges and expenses associated with municipal fund securities before investing. This information is found in the issuer's official statement and should be read carefully before investing. Investors should also consider whether the investor’s or beneficiary’s home state offers any state tax or other benefits available only from that state’s 529 Plan. Any state-based benefit should be one of many appropriately weighted factors in making an investment decision. The investor should consult their financial or tax advisor before investment in any state's 529 Plan.
Retire Wise | December 2023
December 13, 2023