Best Financial Advisors in Monroe, LA

The end-of-the-year is quickly approaching. Here is your quick checklist to make sure your finances are in good order: 1. Retirement Plan Contributions Are you on pace to max out your contributions for the year? Remember to update your 2023 retirement plan contributions up to the new IRS limits. (401k: $22,500; $7,500 catch-up. IRA: $6,500; $1,000 catch-up.) 2. Tax Planning Are you age 72 or older, or are you taking an RMD from an inherited IRA? Remember you must take your RMD by 12/31/22. Do you have unrealized investment losses in your taxable accounts? Review all taxable holdings and consider if you have any unrealized losses that you can take to offset gains and/or up to $3k of ordinary income. 3.Charitable Contributions If you are over 70.5, you can still make qualified charitable distributions (QC Ds) from your tax deferred accounts up to $100,000. Gifting appreciated stock is another great way to give to charities. If you have legacy positions with lots of embedded gains, consider gifting some of your appreciated lots Or consider a donor advised fund for even more of an impact. 4. Estate Planning Planning a gift to family members? The IRS allows every tax payer to give $16k to an individual in one year. There is no limit to the number of recipients but there is a lifetime exemption amount of $12.06m in 2022.