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Now is the time for year-end financial planning 

You likely spent the last year focused on maximizing the return on your investments, and hopefully, the year has been fruitful for you. While we can’t always control how well our investments perform, we can make sure that we are taking full advantage of every tax rule that’s in our favor. As we approach the end of the year, it is the perfect time to analyze performance, review any applicable opportunities and make adjustments. Why?

By now, you likely have a clear picture of what this tax year is going to look like and a good idea of how much money you will make as well as any losses. Yet, you still have time to improve your outcome for 2023 using available tools and strategies.

With this in mind, Baker Tilly has created a year-end planning review checklist that can be downloaded. 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 2024 – and beyond.

Working through the checklist will help ensure you don’t leave money on the table. If you don’t maximize your 401(k), fund your HSA or gift the full annual amount for 2023, you’ll miss an opportunity that cannot be recouped.

After downloading the checklist, we suggest that you work with an accountant and financial advisor to ensure each applicable task is completed correctly, timely and with the greatest 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 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.

Baker Tilly Wealth Management, LLC is controlled by Baker Tilly Advisory Group, LP. Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an alternative practice structure and are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm that provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. ©2024 Baker Tilly Wealth Management, LLC

Jaime K. Lawson
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