top of page
  • Milad Taghehchian, CPA, CFP(R)

End of the Year Financial Moves

The end of the year presents a great opportunity to review several financial areas that could add a significant benefit to your financial growth. Here are a few areas we think are of tremendous value.

Retirement Contributions

As I am sure you are familiar your 401k, 403b, 457, Roth IRA, Traditional IRA, etc all have annual contribution limits. These accounts can create huge tax benefits no or down the road. Its a good time to check what you have contributed year to date, and make sure that you hit the goals you have set for yourself.

Clean Out Your FSA

Flexible Spending Accounts are a use it or lose it account. If you have any left in these accounts near the end of the year, it is a good idea to use them up. A few companies now offer a short grace period into the first couple months of the next year, but most don't. Its best practice to clean it out by the end of the year.

Gifting and Charitable Contributions

If you intend to make gifts to people or charities, review your plans and how to best structure these gifts. You may find it beneficial to make these big gifts this year or you may find splitting these gifts between this year and next is a good strategy. Speak to your accountants and financial planners about creating the most tax efficient plan for your situation.

Roth Conversion

If you find yourself in a low taxable income bracket this year you might want to consider converting a portion of your traditional IRA to a Roth IRA before the end of the year. This conversion will create taxable income so it is only a good idea if you are in a low tax bracket. Check with your accountants and financial planners if you have questions about this benefiting you in your current situation.

Required Minimum Distributions

You will find that many inherited accounts and retirement accounts have required distributions. If you have received an inherited investment account or are over 70 1/2, make sure you check your required distribution amounts. Not doing these by the required deadlines can create very large penalties.

Check Your Gains/Losses

This has been a pretty good year for most asset classes. You may find that mutual funds are kicking out pretty high capital gains distributions or that via rebalancing you have realized large capital gains. It is a good idea to check out where you are in realized gains and if you have any unrealized losses that you may want to sell to offset some of these gains. Your financial planners and accountants will be able to help you with this, but it is imperative that it is done in this tax year.

Gauge Progress on Goals

You should always have savings, spending, and other annual financial goals. The end of the year is a great time to review how you did and evaluate/create your goals for the coming year. There are many other areas that may benefit your financial life that has a end of the year deadline. Speak with your accountants, financial planners, and tax advisers for more individualized recommendations and details.


​The information contained in the article is provided for general informational purposes, and should not be construed as investment advice. This article is not intended as tax advice, and Pioneer Wealth Management Group does not represent in any manner that the outcomes described herein will result in any particular tax consequence. Prospective clients/investors should confer with their personal tax advisors regarding the tax consequences based on their particular circumstances. Pioneer Wealth Management Group assumes no responsibility for the tax consequences to any investor of any transaction. Financial advisory services are only provided to investors who become Pioneer Wealth Management Group clients. Past performance is no guarantee of future results.

bottom of page