2014 Year-End Planning Checklist

Happy Holidays from Hewins Financial! 2014 is coming to an end, and everyone is racing off to meet deadlines prior to the holiday festivities. What we often find during this end-of-year rush is that people often overlook and forget about key planning items, which directly translates into money out of your pocket. Don’t let this happen to you! We wouldn’t want you to lose out on your hard-earned dollars, so here are some action items to check off your list. Enjoy!

2014 Year-End Planning Checklist

When to Consider a ROTH Conversion:

— If you are having a low-income year or a year with high deductibles and/or losses from a business, consider a ROTH conversion. The amount converted to your ROTH IRA will be considered income, but can be offset by deductibles and active losses.

Sharing is Caring – Gifts and Charitable Contributions:

— Gifts up to $14,000 can be given to any one person WITHOUT being subject to gift tax. Fund a 529 college savings plan that you have been putting off.

— Congress may renew the IRA charitable rollover for 2014 or reinstate the provision retroactively in 2015. If the rollover is renewed, you could be able to gift up to $100,000 of your required minimum distribution to a charity, and it will NOT count toward your income.

— Thinking about a significant charitable contribution? Consider giving appreciated assets. You can avoid paying taxes on appreciated assets once they are in the hands of a charity; the charity is also free of taxes.

And most importantly, is there anything left for ME?

— Don’t forget about yourself, or rather, the concept of paying yourself first. If you are self-employed, consider an Individual 401(k) or SEP IRA. Don’t forget that an Individual 401(k) has to be established by December 31.

— Turning 50? You can make an additional $5,500 catch-up contribution to your 401(k).

These are just a few quick items to help you get closer to your financial goals. Of course, it never hurts to consult your financial advisor for a fine-tuned, personalized strategy.
A little extra help can go a long way in putting us all in the best position going into 2015. Happy Holidays, everyone!


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2014 Year-End Planning Checklist

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