Weekly Market Recap 2016 is less than a week away, so if there are any last tasks you need to perform to put your 2015 finances in order, the next few days are the time to do it.
For example, if you're planning to make any charitable donations, then making a donation using appreciated stock can be a good way to potentially increase your 2015 tax deductions and support a cause you care about.
On the other hand, fortunately, a lot of activities related to IRA contributions can typically wait until the 2015 tax filing deadline, generally in April 2016. Though if you get them out of the way during this holiday period, you may thank yourself later.
Lastly, if you are over 70 ½ and have an IRA, or if you have an inherited IRA, you will want to make sure you have taken your full required minimum distribution (RMD). Generally, the deadline for taking an RMD is December 31 (the deadline for taking your first RMD is April 1 of the year after the year you turn 70 ½). The tax penalties for missing this distribution by year-end are quite severe and make taking your RMD worth remembering. If you are 70 ½ or older and are planning to make a charitable donation for the year, you can direct that up to $100,000 be distributed from your IRA directly to a charity tax free, and the distribution will count towards your RMD for the year.
Happy holidays to you and your loved ones, from all of us at FutureAdvisor!
Disclaimer:
The views expressed are for informational purposes only and are not intended to serve as a forecast, a guarantee of future results, investment recommendations or an offer to buy or sell securities by FutureAdvisor. All expressions of opinion are subject to change without notice in reaction to shifting market, economic, or political conditions. The investment strategies mentioned are not personalized to your financial circumstances or investment objectives, and differences in account size, the timing of transactions and market conditions prevailing at the time of investment may lead to different results. Clients may lose money. Past performance is not indicative of future results. Investments in securities involve the risk of loss. Any tax strategies discussed should not be interpreted as tax advice and do not represent in any manner that the tax consequences detailed will be obtained. Clients should consult with their personal tax advisors regarding the tax consequences of investing. Your Portfolio Summary | $9,230.31 Your Total Assets | Ways To Improve Your Portfolio | 0 Accounts with Actions | Your portfolio has no recommended actions right now. We'll watch over your investments and alert you with an email when there are actions for you to complete. Sign in to see detailed steps  | | Sign in to see your full dashboard | | 
No comments:
Post a Comment