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2018 is quickly coming to a close, and now is the time for people to review their Financial Planning strategy and determine if there are moves they need to make to reduce their tax burden and improve their overall financial status. Financial advisors recommend individuals look at particular areas to decide if they need to make changes in these areas. This includes in the person's charitable giving, Investments, flexible savings accounts, and more."Now is the time to make charitable contributions," Sarah Leer of Polaris Advisors reports. "A person may wish to make a gift of an appreciated stock or provide someone with an IRA required minimum distribution. A donor-advised fund is perfect for individuals who cannot decide on a charity, as the tax deduction will be received for the current year while the charity does not need to be selected immediately. Consider all options and speak to Financial Advisors to determine which choice is best for you."
For those individuals who are not concerned about their tax burden but wish to help others, a 529 college savings account contribution may be the way to do so. These accounts come with significant benefits. Not only does the account grow tax-free, but distributions are also tax-free. In the past, the funds could only be used for higher-education expenses. However, thanks to a new change in tax law, the funds may also be used for private elementary and high schools, up to $10,000 in a year.
"Don't overlook relatives when making these contributions. A person may contribute to their niece's, nephew's, or grandchild's account and the recipient obtains the same benefits. In addition, anyone who is expecting may start an account of this type and make themselves the beneficiary. The named beneficiary can be changed in the future when the child is born. Be aware that are annual contribution limits that need to be considered also," Leer continues.
Businesses should not overlook their employees either at this time of year. Reward key people with additional benefits to encourage them to continue with the company. This is only one of the many ways a company can attract and retain outstanding employees.
"To learn more about financial moves that should be made before the end of the year, contact us today. We will be happy to sit down with you to determine what moves will be of most benefit to you. We want to see you succeed and achieve your goals. We build relationships with our clients to ensure their lifestyle dreams become reality," Leer states.
About Polaris Advisors:
Polaris Advisors acts with integrity and compassion and uses their resources and knowledge to build relationships that work towards positive growth and financial independence for their clients and their loved ones. They strive to be educators of their communities, helping people discover and achieve their personal and financial dreams. The goal is to help clients achieve theirs. To help them clarify their goals and objectives. To help them objectively assess their risk tolerance. To comprehensively monitor financial changes, problems, and opportunities. To remain committed to working with clients through the years as they make their lifestyle dreams become reality.
Contact Info:
Name: SARAH LEER
Email: Send Email
Organization: Polaris Advisors
Address: Camp Hill, PA, 17011
Phone: 717-775-8061
Website: https://www.polarisadvisors.net/
Release ID: 458825
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