The end of the year is a time when many people reassess their tax planning, especially in regards to charitable giving. This period of the year is also a time when many scammers try to take advantage of the generosity of some tax-payers. Taxpayers should also be aware of any “extenders” that might exist, these are tax-payer friendly provisions that are not permanently part of the tax code but have to be brought up for approval each year. Retirees that are at the age of 70 ½ or older need to be mindful of their charitable IRA rollover planning. Prudent investors also need to be mindful of any capital gains or losses experienced during the year and make sure that they realize any losses before the end of the year.
See Kyle E. Krull, What Year-End Tax and Family Matters Should My Clients Consider?, Wealth Management, November, 2, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
