Financial Insights

Year End Tax Tips 2019

Absent any last-minute changes from Congress, below are a few year-end tax reminders.  This list is not exhaustive and a conversation with your tax advisor is always recommended.

If you have to take an RMD, but you don’t actually need the proceeds (or the taxable income an RMD generates), then consider using some portion or all of your RMD to make a qualified charitable deduction (QCD).   For taxpayers 70.5 years old or older, funds transferred directly from your IRA, Inherited IRA, or even an inactive SEP or Simple IRA plan to a qualified charity will not count as taxable income and will count toward satisfying your required minimum distribution.  Ideally, the check should be deposited by the charity by December 31st.  Click here for more info or reach out to us if you have questions.

For those contributing to an HSA, you still have until April 15, 2019 to make contributions for 2018.  There is no extension beyond April 15.

 

NEXT WEEK: Year-End IRA Contribution Summery

The foregoing content reflects the opinions of Advisors Capital Management, LLC and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.

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