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Your Year-End Checklist🎁: ✅Review your beneficiaries ✅Review your tax withholdings. ✅Review your insurance needs. ✅Review your portfolio allocation. ✅Spend eligible flex dollars. ✅Check your emergency savings account. ✅Make charitable donations. ✅If you have kids, contribute to their college fund. ✅Open Roth 401(k) or deferred pension plan, if you are a business owner without a pension account. ✅Complete Roth conversation. ✅Complete Retirement Minimum Distribution aka RMD. Even if you are not of age yet if you have inherited retirement account, do you still have to complete the RMD. @newgenwealthcreation I help professionals and entrepreneurs to build their wealth foundation. I also help adults who experienced financial setbacks in life. Contact me to schedule your Year-End Portfolio Review🤝 #personalfinance #financialadvice #personalfinancegoals #financialadvice #financegoals #buildwealth #wealth #newgenwealthcreation #yearendplanning

Charitable Contributions If you make charitable contributions to qualified organizations, you can deduct the value of your contributions on your tax return. This can include cash donations, as well as contributions of property or other assets. Retirement Contributions If you contribute to a retirement plan, such as a 401(k) or IRA, you can deduct the amount of your contributions on your tax return. This can help you save money on your taxes while also saving for your future. Want to learn more? Visit our website https://www.bhspc.com/ for all the details! #taxdeductions #homeoffice #businessexpenses #vehicleexpenses #equipmentandsupplies #charitablegiving #retirementplanning #savemoney #financialtips #taxseason #dontmissout

Did you know you can save on taxes while making a positive impact? 🌟💰 By donating to charitable causes, you not only support important initiatives, but you also potentially reduce your tax bill!💸💡 It could be a win-win! Learn how you can optimize your contributions and make a difference while potentially saving on taxes. Get in touch with us at (832) 786-8816 and hear how keeping with your personal values and being generous with your retirement funds can still potentially result in financial savings for you!

Exploring ways to make the most of your IRA distributions? Consider Qualified Charitable Distributions (QCDs). QCDs allow you to directly transfer funds from your IRA to a qualified charity, potentially satisfying your Required Minimum Distribution (RMD) and possibly offering tax benefits. If you're curious about how QCDs can fit into your retirement planning, let's connect:https://bit.ly/3Rjdjwp

Year-End Tax Tip: Help Optimize Deductions! As the year comes to a close, don't forget to review potential deductions. Be sure to consider: ✅ Charitable donations. ✅ Medical expenses. ✅ Retirement contributions. ✅ Business expenses (if applicable). Let's discuss your unique situation to help make the most of your deductions. 📊🧾 #TaxPlanning #YearEndTips #FinancialAdvice

Year-End Tax Tip: Help Optimize Deductions! As the year comes to a close, don't forget to review potential deductions. Be sure to consider: ✅ Charitable donations. ✅ Medical expenses. ✅ Retirement contributions. ✅ Business expenses (if applicable). Let's discuss your unique situation to help make the most of your deductions. 📊🧾 #TaxPlanning #YearEndTips #FinancialAdvice

Year-End Tax Tip: Help Maximize Deductions! As the year comes to a close, don't forget to review potential deductions. Be sure to consider: ✅ Charitable donations ✅ Medical expenses ✅ Retirement contributions ✅ Business expenses (if applicable) Let's discuss your unique situation to help make the most of your deductions. 📊🧾 #TaxPlanning #YearEndTips #FinancialAdvice

Did you know you can save on taxes while making a positive impact? 🌟💰 By donating to charitable causes, you not only support important initiatives, but you also potentially reduce your tax bill! 💸💡 It could be a win-win! Learn how you can optimize your contributions and make a difference while potentially saving on taxes. Get in touch with us at 804-897-4844 and hear how keeping with your personal values and being generous with your retirement funds can still potentially result in financial savings for you! #rva #chesterfield #chester #hanover #henrico #financialservices #insurance #retirementplanning #estateplanning

Year-End Tax Tip: Help Optimize Deductions! As the year comes to a close, don't forget to review potential deductions. Be sure to consider: ✅ Charitable donations. ✅ Medical expenses. ✅ Retirement contributions. ✅ Business expenses (if applicable). Let's discuss your unique situation to help make the most of your deductions. 📊🧾 #TaxPlanning #YearEndTips #FinancialAdvice

Are you 72 or older and taking required minimum distributions (RMDs) from your retirement accounts? What if you don't need the money and want to support a good cause? Then, a Qualified Charitable Distribution (QCD) might be just what you're looking for. In this video, we discuss how you can strategically use your RMDs to make tax-efficient charitable donations directly from your retirement accounts. This method not only fulfills your annual RMD requirement but also excludes the distributed amount from your taxable income, which may help reduce your overall tax liability. Remember, this strategy only works if the money goes directly to the charity – it can't pass through your hands first. We'll walk you through the process and explain the benefits in more detail. As always, it's essential to consult with a financial advisor or tax professional before making significant financial decisions. If this video was helpful, please like, share, and subscribe for more insights into smart financial planning. #RetirementPlanning #CharitableGiving #TaxPlanning #RMD #QCD