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2017 Year-End Planning Guide

VIEW PLANNING GUIDE (PDF)

SUMMARY

The Abbot Downing 2017 Year-End Planning Guide contains a comprehensive overview of what you need to consider before year-end to minimize your taxes, make thoughtful gifts to charity, and position yourself for the year to come.

The guide provides 2017 tax rates, limits, and exclusions as well as strategies for retirement and estate planning to help you achieve your short- and long-term goals.

Specific topics include:

  • Items to watch as year-end approaches, such as balancing income and distributions from one year to the next, and avoiding wash sale penalties and capital gains on year-end mutual fund distributions
  • How to use an IRA conversion to enhance your tax situation over the long term
  • Options you have for structuring your charitable contributions to meet your goals and minimize taxes

While tax changes are debated in Washington, one thing remains certain: you need to plan ahead to make the most of your financial situation (and to minimize your taxes).

KEY TAKEAWAYS

  • It’s important to plan ahead for year-end moves that can reduce your 2017 taxes. Meet with your relationship manager and other advisors to discuss year-end financial decision making.
  • Flexibility is important in light of potential changes to the tax code. Your overall plan should take into account how you can respond to potential changes. An ongoing open dialogue with your tax and financial advisors can help you be prepared.
  • Tax planning should be part of a year-round effort to prioritize your goals and objectives, and the issues that are important to you. Then, your end-of-year decisions can fall in line with your long-term planning.