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Bring On The New Year


Five Year-End Tax Planning Ideas

November 15, 2020

Bring On The New Year

For many people, 2020 has felt really long, and some have even started to use 2020 as a noun. Global Pandemic, "2020 did it." Murder hornets, "that's 2020 for you." Car breaks down, "it's 2020's fault." It is safe to say this year has been one like no other and the events have most likely had an impact on your personal finances. No matter your current financial situation, you may be able to take advantage of a few important end-of-year strategies. With less than 60 days left in the year, here are a few things financially that you should consider before 2020 is over:

Reassess your short and long-term goals for the upcoming year

  • Are there any new priorities that need addressing?
  • Are you adequately prepared for another market meltdown?
  • Do you have an adequate emergency fund in place?
  • Are you spending less this year? Have you thought about the best place to re-direct that money?

Review your open enrollment benefits

  • Did your employer change any health, life, or disability insurance benefits?
  • Have you funded your Health Savings Account (HSA) or used up the funds in your Flexible Savings Account (FSA) for medical or dependent expenses?

Review your tax withholdings and find ways to reduce your tax liability

  • Are you on track to receive a refund or will you be owing come tax time?
  • Have you evaluated ways to reduce your tax liability between now and the end of the year?
  • Did you drop off those Goodwill or other non-cash donations and get a receipt?
  • Have you maxed out your Pre-Tax 401k or contributed to any other tax-deductible accounts?

Review your portfolio for tax harvesting

  • Are there gains or losses from your portfolio that you should take or offset against each other before the end of the year?
Review your estate plan

  • Is your estate plan up to date?
  • Are your beneficiary designations up to date?

Have you budgeted for "Black Friday", "Cyber Monday", or any other holiday shopping?

  • Have you created a plan to stay out of debt for the holidays or pay off the debt going into the new year?
Have you developed a plan to increase savings, pay down debt, and reach your financial goals as soon as 2021 gets here?

It has been a tough year and this list might be slightly overwhelming, but we are here to help you breathe easier® and meet your goals in 2021. Make sure to set up a meeting with your Private CFO® before the end of the year to ensure you end the year financially strong and head into a new year with a plan for success!

If you would like to receive more information on making smart money moves for your future, be sure to contact us today!


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About the author

Carissa Villacorta smiling for the camera

Cristina Briboneria

Managing Director, Private CFO®

Cristina Briboneria, CFP®, ADPA®, AWMA®, Vice President, Private CFO®.

Cristina is originally from Los Angeles, California but has lived in Houston, TX, Cleveland, Ohio, and now resides in Atlanta, Ga. Cristina graduated from Oberlin College with degrees in Mathematics and History. She earned her Certified Financial Planner(TM) designation from Oglethorpe University.Cristina has also been recognized in Atlanta Magazine as one of Atlanta's Five Star Wealth Managers.

Cristina joined Ameriprise Financial in 2005 and was one of the Top 10 Advisors in her peergroup at the end of her first year. She was rewarded the Mercury Award, Centurion Award, and First Year Top Achiever Award for high achievement. She quickly moved into leadership positions as an Advisor Coach and District Manager in 2006. As a District Manager she earned the Circle of Success award when she lead her team to Top Five in the country throughout the entire company.

Since joining oXYGen, Cristina has built a successful practice of over 175 clients having awide range of demographic from business owners, corporate executives and employees, teachers, clergy, and non-profit organizations. She wanted to help build a company that was tailored specifically towards Gen X & Y."These generations have been overlooked and will be a driving force in our future economy. They will be a force to be reckoned with--many of of my clients are purpose driven individuals wanting to make a difference in their places of business but also wanting the knowledge of how to be financially responsible and successful."

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. Investor Disclosures: https://bit.ly/KF-Disclosures

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation.

Background and qualification information is available at FINRA's BrokerCheck website.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. https://Bit.ly/KF-Disclosures

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