2023 Year-End Financial Planning Strategies

Dear Clients, Friends, and Colleagues,

As we approach the end of 2023, it is important to review year-end financial strategies and complete them prior to December 31, 2023, if applicable.

Year-End Strategies

  1. Offset Capital Gains – identify opportunities to harvest losses by selling taxable investments before Dec. 31 to offset gains
  2. 2023 IRA Contributions are $6,500 (under age 50) or $7,500 (age 50 or older)  Deadline: Tax Filing Day, Tuesday April 15th 2024
  3. Maximize contribution employer-sponsored retirement plans
  4. Maximize contributions to a 529 plan
  5. Gift up to $17,000 per donee annually in federal tax-free gifts (or $34,000 per donee from 2 spouses)
  6. 2023 Unified Federal Gift and Estate Tax Exemption: $12.92mm per person ($25.84mm for a married couple)
  7. Review your Health Savings Account contributions for 2023
  8. Charitable Contributions – consider gifts to a qualified charity or funding a donor-advised fund (DAF)
  9. Qualified charitable donations (QCDs) – QCDs allow individuals aged 70½ and older to give traditional IRA funds to charity rather than taking them as IRS-mandated required minimum distributions (RMDs). Up to $100,000 of the traditional IRA funds may be exempt from taxes. For married couples, each spouse can make QCDs up to the $100,000 limit for a potential total of $200,000. Donor-advised funds and private foundations currently cannot accept QCDs

For additional personal tax strategies, please check out tips from our friends at:

Kaufman Rossin


Schedule Annual Review (reviews start mid-January)

  • Review and update your financial plan
  • Review current portfolio & strategize for the year
  • Review beneficiaries
  • Review life insurance and long-term care coverage
  • Review estate planning (review will, health proxies, power of attorney, and trusts)
  • Please contact us if there have been any changes in your financial situation or investment objectives

Should any year-end items apply to you, please contact us at your earliest convenience.

Disclaimer:  This list is not inclusive of all financial year-end strategies.  Individuals should seek the advice of their own tax and estate professionals for all related items. Information contained herein does not involve the rendering of personalized investment advice but is limited to the dissemination of general information. A professional adviser should be consulted before implementing any of the strategies or options presented.

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