December 11, 2019 - Published by IAG Wealth Partners

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This is the time of year when eating healthy usually takes a back seat to an abundance of cookies and other Christmas delights.

It is also the time of year to check up on your financial health as one calendar year closes and another opens.

Before your calendar is filled with family visits, wrapping present, and holiday parties, take a few minutes to ensure you are making the most of 2019 and planning ahead for 2020:

  • Are you maximizing your retirement plan and Health Savings Account contributions? Only 1-2 paycheck remain, and the contribution limits are going up in 2020.
  • Have you taken your Required Minimum Distributions if you are a beneficiary or are over age 70.5?
  • Should you do a Roth IRA conversion this year to take advantage of low(er) tax rates? Always consult with your tax professional as Roth conversions create taxable income and may not be appropriate depending on your circumstances.
  • If you still itemize deductions, do you need more deductions in 2019 or 2020? Would it be beneficial to lump your deductions every other year? Check with your tax professional.
  • Should you use a Qualified Charitable Distribution (if eligible), donate appreciated assets, or send a check to your favorite charities this season?
  • What is the correct amount to gift to family this year?
  • Have you enrolled in a flexible spending arrangement for health care costs and/or child care costs for next year?

Now is the time to answer these questions as year-end processing deadlines are rapidly approaching.

For example, LPL Financial will guarantee year-end processing of Roth IRA conversions, Required Minimum Distributions, or charitable donations if your paperwork is submitted by December 13.

Any requests submitted after December 13 will be completed on a best-efforts basis. Act now to have a healthy finish to 2019 and start to 2020.



Quote of the week: Napoleon Hill: “Procrastination is the bad habit of putting off until the day after tomorrow what should have been done the day before yesterday.”

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through IAG Wealth Partners, LLC, (IAG) a registered investment advisor and separate entity from LPL Financial.

Any opinions are those of IAG and not necessarily those of LPL Financial. Expressions of opinion are as of this date and are subject to change without notice. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. No strategy assures success or protects against loss. Investing involves risk including loss of principal.

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