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Klingman Insights

Year End Financial and Tax Planning Tips

December 4, 2019

In the days ahead, we encourage each of you to consider some important financial and tax planning items, including:

  • Managing Income/Expenses: Consider your likely taxable income and expenses for both 2019 and 2020 to determine whether it makes sense to accelerate the realization of income or deductions before December 31.
  • Charitable Contributions: Make sure that any donations either made directly to individual charities or to Donor Advised Funds are completed before the end of the year. When possible, using appreciated securities for such gifts can have significant tax advantages.  Depending on your total tax deductions this year, a strategy of “bunching” future contributions may make sense. This video provides a clear explanation of how such a strategy works: https://bit.ly/2Yaq671
  • Annual Gifting/529 Plan Contributions: Under the annual gift-tax exclusion, you can gift $15,000 per year to each person. Such gifts may include contributions to 529 plans, a certain amount of which may be deductible depending on what state you live in.  If you intend to take advantage of this exclusion, please make sure that your gifts for 2019 are made prior to the end of the year. 
  • 401(k) Contributions: If you are eligible to contribute to 401(k) or similar retirement plans, determine whether you have contributed the maximum allowable (or affordable) amount for the year ($19,000 for those under 50 years old and $25,000 for those older than 50).


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