The end of the year is almost upon us. That means it's a good time to think about possible changes to your investments.

The end of the year is almost upon us. That means it’s a good time to think about potentially saving more of your money by making possible changes to your investments and looking at managing your tax bill. While this information is not intended to serve as any type of tax advice, which is best served by consulting with your tax advisor, there are some strategies that people may want to consider in the remaining days of the year.

Evaluate your mutual funds that are currently held in Taxable (Non-Qualified) accounts. December is a very popular month for many mutual funds to distribute end of year short and long term capital gains distributions.

Asset Location: Do I have the right types of investments in the right types of accounts? Certain types of investments such as ETF’s are often great to own in Taxable accounts as they are considered to be tax efficient since most broad-based ETFs do not typically make capital gains distributions—which are subject to taxation when held in a taxable account. If you own investments that make frequent taxable distributions however you do not rely on the income, perhaps those investments can be shifted to Tax deferred accounts? These types of decisions around asset location are great conversation points to have with your financial planner.

Charitable contributions by donating investments: Direct giving can provide significant income tax advantages. (Consult with your tax advisor before you make your direct giving decision). To get credit for donating in the 2015 calendar year, most firms need the paperwork in good order at least to do the transfer at least 2 weeks before the end of the year.

Review your ability to take losses to offset capital gains. If you do not have carry forward losses and have taken some capital gains, you may want to explore those investments within your portfolio that are currently at a loss to possibly sell to help offset some of those gains. Please be aware of the “wash sale rules” and also evaluate other items such as growth potential for the investment should you not sell.

Deadline for Required Minimum Distributions (RMDs): Individuals who are 70½ or older must take an RMD from their IRA and/or their QRP for the 2015 tax year. All RMDs must be withdrawn by December 31, 2015, with the exception of RMDs of those who turned or will turn 70½ during this calendar year; these individuals may defer their first distribution until April 1, 2016. Please note - deferring it may be to your disadvantage as the individual will also need to make another RMD in 2016.

Deadline for Establishing a 2015 QRP: Qualified Retirement Plans for 2015 must be established by December 31, 2015.

Deadline for Roth IRA Conversions: For those that are looking to convert all or part of an existing IRA to a Roth, if wanted to be done for 2015, most firms need the paperwork in good order at least a week before the end of the year.

This is not an all-inclusive list, and as discussed we would recommend a case by case discussion with your financial planner and tax advisor for more specifics to how you may individually evaluate your options. The key point being, the end of the year is fast approaching, and now is the time to evaluate your options to make sure that you don’t leave anything on the table that might help make you be more tax efficient.

If you desire an appointment, have any questions on any of this material, or any other financial subjects may relate to your own financial circumstance, please reach out to us at the contact information below:

Sincerely,

Brian Cohen, CCO; email: brian@landmarkwealthmgmt.com; phone: 631-923-2487

Chris Congema, CFP®; email: chris@landmarkwealthmgmt.com; phone: 631-923-2486

Joe Favorito, CFP®; email: jfavorito@landmarkwealthmgmt.com; phone: 631-930-5336

Direct office email: info@landmarkwealthmgmt.com

Direct phone, Brooklyn: 718-514-1587

Direct phone, Melville: 631-923-2485

Landmark Wealth Management, LLC (www.landmarkwealthmgmt.com). The firm has offices located in Brooklyn and Melville, NY.

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This communication is from Brian Cohen, Chris Congema, CFP®, and Joe Favorito, CFP®, financial advisors at Landmark Wealth Management, LLC, a Securities and Exchange Commission Registered Investment Advisory firm. The information in this blog is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax, legal, or investment advice from an independent professional / financial advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.