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1st Source Asset Advisors logo

Year-End Countdown: Key Deadlines You Cannot Afford to Miss

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As the year comes to a close, there are some important deadlines that you shouldn’t ignore. These deadlines affect your taxes, savings, and, perhaps, your financial future. Here’s a simple guide to help you stay on track before this year’s clock runs out.

December 31: Retirement Contributions

Make sure to contribute to your 401(k) by the end of the year to manage your taxable income and potentially stash more money for retirement.

December 31: Charitable Donations

Are you interested in charitable giving? You might want to get it out of the way before the end of the year, because you could use your charitable donations at tax time to help lower your tax bill.

December 31: Use Up Your Flexible Spending Account

If you have a Flexible Spending Account (FSA)1 for healthcare or childcare expenses, be sure to see how much money you have banked. Most of these accounts are “use it or lose it” – leftover money in your FSA might go away on December 31st, so spend it now! Keep in mind that some accounts have “safe harbor” provisions that allow you to use these funds into the new year. Talk to your FSA administrator to see what options you have.

December 31: Review Your Investments

It’s a good idea to review your investments periodically throughout the year. But taking a look on December 31st is even more important. If you make money in your non-retirement investments, you could end up with a tax bill. If you lose money, you could lock in these losses to lower your tax bill. Ask your accountant if there are any investment moves you should make during the last part of the year.

December 31: Review Your Tax Withholdings

Look how much tax was withheld from your paycheck over the last year. If your withholdings are too high, this might be an opportune time to adjust them and help avoid a big tax bill or large refund when you file your taxes.

January 15: Estimated Tax Payments

If you’re self-employed or earn money that doesn’t require you to withhold taxes – via disability, unemployment or investment income – you must make quarterly estimated tax payments. The final installment for this year is Jan 15th, so stick a note on the calendar to avoid a late-payment penalty.

April 15: IRA Contributions

Most year-end deadlines match the calendar year. But IRAs are one exception. Both traditional and Roth IRA contributions for this year may be made as late as April 15th. That extra saving period also means a tax break. By waiting you might assess your tax liability and figure out whether it makes more financial sense to contribute to a traditional IRA or a Roth IRA2. For more information on year-end planning, contact Bill Rohwer by calling (260) 969-5982 or send an email to [email protected].

Check the background of investment professionals associated with this site on FINRA’s BrokerCheck.

 

1st Source Bank provides referrals to financial professionals of LPL Financial LLC (LPL) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for 1st Source Asset Advisors to make these referrals, resulting in a conflict of interest. 1st Source Bank is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

 

Securities and advisory services are offered through LPL Financial, a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. 1st Source Bank and 1st Source Asset Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using 1st Source Asset Advisors, and may also be employees of 1st Source Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, 1st Source Bank or 1st Source Asset Advisors. Securities and insurance offered through LPL, or its affiliates are:

Not insured by FDIC or any other government agency. Not bank guaranteed. Not bank deposits or obligations. May lose value.

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking # 626370

Footnotes

1 Flexible Spending Account
https://www.healthcare.gov/glossary/flexible-spending-account-fsa/

2 IRA Contributions
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

 

Bill Rohwer

Financial Consultant

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