Year-end tax moves for 2017

One of our main goals as holistic financial advisors is to help our clients recognize tax reducing opportunities within their investment portfolios and overall financial planning strategies.  2018 is set to be an eventful year in the tax law world.

Beginning your final year-end planning now can help make tax season less stressful and easier to navigate, no matter what your tax and financial situation may be.

  • Consider all of your retirement savings options for 2017. This is an ideal time to make sure you maximize your intended use of retirement plans for 2017 and start thinking about your strategy for 2018.
    • Make contributions to:
      1. Your 401(k)
      2. Your IRA
      3. A Roth IRA if you are eligible
  • Review your capital gains and losses. Start by reviewing the various sales you have realized so far this year on stocks, bonds and other investments. Then review what’s left and determine whether these investments have an unrealized gain or loss.
    1. Know your basis
    2. Consider loss harvesting
    3. Be aware of the “wash sale” rule
    4. Sell worthless investments
    5. Double-check brokerage firm reports
  • Confirm if you own taxes on social security
  • Consider itemizing your deductions and exemptions. Currently, taxpayers are entitled to take either a standard deduction or itemize their deductions on IRS Form 1040, Schedule A. Itemized deductions include, but are not limited to, mortgage interest, certain types of taxes, charitable contributions and medical expenses. Unfortunately, itemized deductions are subject to several limitations.
  • Consider giving to your favorite charity. This is a great time of year to clean out your garage and give your items to charity. Please remember that you can only write off these donations to a charitable organization if you itemize your deductions.  If you plan to make a significant gift to charity this year, consider gifting appreciated stocks or other investments that you have owned for more than one year. Doing so boosts the savings on your tax returns.
  • Additional year-end tax strategies and ideas
    1. Make use of the annual gift tax exclusion
    2. Help someone with medical or education expenses
    3. Contribute to a qualified tuition plan (529 Plan) on behalf of a beneficiary
    4. Make gifts to trusts

Please email us at: and we will be happy to send you our full report.

This report is not a substitute for using a tax professional. Please note that many states do not follow the same rules and computations as the federal income tax rules. Make sure you check with your tax preparer to see what tax rates and rules apply for your particular state.

Westfield Financial Planning is an independent Registered Investment Adviser.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Westfield Financial Planning is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice.

The views expressed are not necessarily the opinion of Westfield Financial Planning. This article is for informational purposes only. This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice as individual situations will vary. For specific advice about your situation, please consult with a tax professional or a financial professional. Information contained herein has been obtained from sources considered to be reliable, but we do not guarantee their accuracy or completeness. Contents Provided By the Academy of Preferred Financial Advisors, Inc. Reviewed by Keebler & Associates. © Academy of Preferred Financial Advisors, Inc. 2017