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End of Year Planning with Your Financial Planner

Meeting With Your Financial Planner at the End of the Year

Every year will have changes that occur in your life from starting a new job to possibly beginning your retirement. Each change in your life will have an effect on your financial plans and just like you would meet with your accountant or other trusted professionals, you should also meet with your financial planner at the end of the year. Your financial planner will be able to review any life changes to decide if your plan needs to change and how exactly it could be modified.

Even if you have seen little to no changes in your life, it is still best to meet with your financial planner at the end of each year. They will be able to notify you of any possible changes from government regulations that could impact your financial plan. Also, meeting with your financial advisor can help provide further advice on how to better manage your overall personal finances. Sage Investment Advisers, LCC recommends that our clients are seen at the end of the year to review their finances and make sure no changes have occurred and provide further advise for their financial future.

Keep in mind that this article is for informational purposes only and is not a replacement for real-life advice. Please consult your tax, legal and accounting professionals before modifying your tax strategy.

Do you engage in tax-loss harvesting?

That’s the practice of taking capital losses (selling securities for less than what you first paid for them) to manage capital gains. You might want to consider this move, but it should be made with the guidance of a financial professional you trust.1  

In fact, you could even take it a step further. Consider that up to $3,000 of capital losses in excess of capital gains can be deducted from ordinary income, and any remaining capital losses above that amount can be carried forward to offset capital gains in upcoming years.1

Do you want to itemize deductions?

You may want to take the standard deduction for the 2021 tax year, which has risen to $12,550 for single filers and $25,100 for joint. If you think it might be better for you to itemize, now would be a good time to gather the receipts and assorted paperwork.2,3

Are you thinking of gifting?

How about donating to a qualified charity or non-profit organization before 2021 ends? Your gift may qualify as a tax deduction. For some gifts, you may be required to itemize deductions using Schedule A.4

While we’re on the topic of year-end moves, why not take a moment to review a portion of your estate strategy? Specifically, take a look at your beneficiary designations. If you haven’t reviewed these designations for some time, double check to see that these assets are structured to go where you want them to go in the event that you pass away. Lastly, look at your will to make sure it is still valid and up-to-date.   

Check on the amount you have withheld. If you discover that you have withheld too little on your W-4 form so far, you may need to adjust this withholding before the year ends.

What can you do before ringing in the New Year? 

Ringing in the new year is an exciting time, as you are able to start with a fresh, clean slate. However, meeting with your financial adviser or tax professional at the end of the year can help put you in a better financial position for the new year. Waiting until February or March can cause you to miss out on improving your short-term and long-term financial situation.


Published by Sage Investment Advisers LCC in Poughkeepsie, NY

  1. https://www.investopedia.com/articles/taxes/08/tax-loss-harvesting.asp
  2. https://www.nerdwallet.com/article/taxes/standard-deduction
  3. https://www.investopedia.com/terms/s/standarddeduction.asp
  4. https://www.investopedia.com/articles/personal-finance/041315/tips-charitable-contributions-limits-and-taxes.asp

This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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