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Now is the time for year-end financial planning 

For many people, year-end financial planning can be an overwhelming topic. Where do you begin? What are your options? Who can help? Anxiety can build rapidly with the year winding down, leaving people desperate for a simple method of managing their money before 2022 is over. While we cannot control the markets, we can make the most of what is within our control. 

With this in mind, Baker Tilly has created a year-end planning review checklist that can be downloaded here. The items on this checklist should facilitate simple steps you can take – and conversations you can have – that will help maximize your outcome for the year while preparing you for 2023 – and beyond. 

Make no mistake about it, the time to tackle year-end planning is now. At this point, you should have a clear picture of what this tax year is going to look like for you. You likely have a good idea of how much money you will make this year as well as any losses. Yet, you still have time to utilize the available tools and strategies to maximize your outcome for 2022.  

By considering the items on our checklist, you are making sure you don’t leave money on the table. Because if you don’t maximize your 401(k), or if you fail to fund your HSA, or if you do not gift the full annual amount, then you are basically flushing money down the drain. 

Once you have downloaded our year-end planning checklist, you should work with an accountant and financial advisor to ensure each applicable task is completed correctly, timely and with the maximum possible benefit to you. You may also want to consult an estate planning attorney for certain items. And of course, feel free to contact our team if you have any questions or would like to discuss your specific situation. 

Baker Tilly US, LLP, trading as Baker Tilly, is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities.  

Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.  

Baker Tilly Wealth Management, LLC (BTWM) is a registered investment advisor. BTWM does not provide tax or legal advice. BTWM is not an attorney. Estate planning can involve a complex web of tax rules and regulations. Consider consulting a tax or legal professional about your particular circumstances before implementing any tax or legal strategy. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Securities, when offered, and transaction advisory services are offered through Baker Tilly Capital, LLC (BTC), Member FINRA and SIPC; Office of Supervisory Jurisdiction located at 4807 Innovate Ln., Madison, WI 53718; phone: +1 (800) 362 7301. BTWM and BTC are controlled by Baker Tilly US, LLP (Baker Tilly) an accounting, tax and advisory firm. Baker Tilly is an independently owned and managed member of Baker Tilly International.   

© 2022 Baker Tilly Wealth Management, LLC  

Chris Cox
Senior Advisor, Wealth
Jaime K. Lawson
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