The holidays are coming to an end, and tax season is just around the corner. That means there are documents to gather, figures to add up and accounts to get in order. This can be an overwhelming task for even the most prepared individual, but it's so important to help you save some big money and end 2021 strong. We know, it's a lot easier said than done, so if you are one of many dreading this time of year, team DMG has your back. In this new episode of A Place of Possibility, Richard and Angela cover everything you need to know and should include in your year-end financial checklist, including:
- Why you may want to avoid having money in regular IRA accounts
- Maximizing your retirement contributions
- How to save through charitable contributions
- Organizing your portfolio
- Making sure you don't unknowingly increase your Medicare premiums in 2023
- Tax-loss harvesting
- Taxable gains harvesting
Our goal is always to ensure that your money works for you. And we hate to say it, but time is running out. So, if it's been a while since you've had a good look at your finances, now is the time. With our year-end checklist, we will help you get the most out of your money and save big time. The New Year is almost here. Press play today!
P.S. Looking to meet with Richard or Angela? Want to discuss more of what you heard in this episode? Wondering where the heck you need to get started or what all of this means for your retirement plans? Scheduled free 30-minute session and find the peace of mind you deserve for the rest of your life. You can also reach us by calling 925.736.6410 or by sending an email to Info@APlaceOfPossibility.com.
“…I think you can see how much that can save you. You got your money’s worth just by watching this one little piece of this podcast.”
A Glance at this Episode:
2:06 – Breaking news! Richard shares an update on the tax bill that we've anticipated all year!
2:30 – Good news for all alumni out there—student loan repayment efforts have been pushed back to May 1, 2022.
2:57 – Roth conversions, what are they? How can they help? Angela and Richard have the answers you need.
3:37 – Are you on Medicare? You're going to want to listen to this nugget on how to save money with a Roth IRA conversion.
5:10 – Next up, backdoor Roth conversions: a helpful tool for those who make too much money and can't fund a Roth IRA directly.
5:54 – Great, you’re all ready to take advantage of a backdoor Roth conversion! But here's a catch: If you have any other IRAs with balances, you could face this tax.
7:30 – Have you heard of “Supercharging” your 401k contributions? No? Start listening now to find out how you can really max out your savings.
9:29 – Are you a business owner in California? Are you taking advantage of the State and Local Tax (SALT) deduction cap workaround? 11:04 – Not a business owner? Then wait to pay your state income tax until January 15th to maximize your deduction!
12:01 – Verifying your Required Minimum Distributions (RMDs) for ALL your retirement accounts is vital if you're 72 or older. You must take this by 12/31. Start listening for the details.
13:32 – Did you know there is a penalty for NOT taking your RMD? It's a big one. Don't get hit with it!
13:48 – Inherited IRAs are another place that people get hit with a hefty penalty if you don't take your RMD. Here's what you need to know.
14:44 – Do you make charitable contributions throughout the year? Then, tune in to find out what this means for your taxes!
16:04 – Repaying Coronavirus-Related Retirement Distributions—If you took money out of a retirement account during the pandemic and you pay it back, even if you already paid taxes on it, you could deduct it from either 2020’s taxes or even this year's taxes.
17:54 – Did you know? You can purchase up to $10,000 per person per year in Series I Bonds and get 7.12% on money that was otherwise just sitting around as cash!
19:04 – Harvesting a tax loss when you have stock = Sell the stock, lock in the loss, and write it off on your taxes. Press play for more information.
20:04 -Ever heard of taxable gains harvesting? If you're single with an income un $40,400 or a married couple with income under 80,800, you can sell stock and collect capital gains to stay below the $40,400, or $80,800, and pay zero taxes. What?!
22:33 – Gifting $$$ to the kids during the holidays? Consider gifting them appreciated securities that have a large capital gain built-in. Here's why.
24:12 – FSA Money – Yes, this money is “use it or lose it,” but don't miss out on actually USING it. Here are some thoughts. Don’t worry, facelifts are included 😉
25:49 – Don't forget to check the interest rate on your mortgage! You're running out of time on today’s super-low rates.
27:06 – Don't miss out on completing open enrollment for things like medical insurance and your retirement plan.
28:08 – Have a small business that you believe is going to have a higher income year than next year? Then, defer income to help with that tax bill.
30:59 – Audience question: will unemployment benefits be untaxed again this year? Richard and Angela have the answer!
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Links/Resources Mentioned in this Episode:
- Visit TreasuryDirect.gov to purchase I Bonds
- A Place of Possibility Episode 03 – Roth IRA: How to Build a Tax-Free Retirement
- A Place of Possibility Episode 10 – How to Pick the Right Investments for You
- A Place of Possibility Episode 12 – A Course in Mortgages with Erin Ekstrum
- Ensure your family’s wealth will live on for generations to come. Order your copy of Endless Inheritance by Richard Del Monte today! https://aplaceofpossibility.com/endle…
- Ready to become a better investor? We’ve got the strategies you need. Download a FREE copy of our e-book, “Evidence-Based Investment Insights.” https://aplaceofpossibility.com/evide…
- Del Monte Group offers a variety of free resources to help you make innovative and educated financial decisions so that you can keep, grow, and enjoy your wealth starting now. Find them by visiting https://aplaceofpossibility.com/resou….
“One-size-fits-all” won’t fit you here! The Del Monte Group team understands that everyone’s financial goals are unique. That’s why we always provide customized advice. No matter where you are in life, you can depend on our proven expertise to provide financial planning support for long-term success. Ready to get started? Schedule a meeting with Richard or Angela in our Alamo, CA based office today or we can meet via Zoom! >> You can select a date and time that works for you via our calendar, call us at 925.736.6410, or send an email to Info@APlaceOfPossibility.com. We can’t wait to help you!