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7 Year-End Tax Planning Reminders

7 Year-End Tax Planning Reminders

| November 28, 2022

While we recommend proactive, coordinated tax planning throughout the year with your tax professional and financial advisor, as another year ends, we want to remind you of a few essential year-end tax-planning considerations:

  1. Fund year-end family or charitable gifts in a tax optimal way: 
    • Qualified charitable distribution (QCD)
    • Donating appreciated securities 
    • Bunching charitable contributions
  2. Wrap up your 2022 Required Minimum Distributions
  3. Wrap up any planned Roth Conversions
  4. Double-check your year-to-date tax withholding relative to your projected income tax
  5. Review your tax bracket to see if you should defer some income
  6. Reduce your tax liability through tax-loss harvesting
  7. Maximize any applicable state tax benefits, for example, in Michigan: 
    • Fund your state-sponsored 529 College savings plan to maximize your state tax deduction
    • Consider funding the Michigan First-Time Home Buyer Savings Account to benefit a family member with a future first-time home purchase in Michigan

The end of the year is a busy time for everyone, and we don't want you to miss out on any of the year's key deadlines or final opportunities that might apply to you. We can walk you through a step-by-step checklist to review the details and benefits of the strategies outlined above to help make sure you're buttoned up for the year and can confidently head into the final stretch.

"A person doesn't know how much she has to be thankful for until she has to pay taxes on it." - Anonymous.

Important Information - The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor. The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur. Vision Capital Partners, Inc. (“VCP”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where VCP and its representatives are properly licensed or exempt from licensure. Advisory services are offered through Vision Capital Partners, Inc. (“VCP”). Securities are offered through Triad Advisors, LLC (“Triad”). VCP and Triad are not affiliated. Advisory services are only offered to clients or prospective clients where Triad and its representatives are properly licensed or exempt from licensure. For additional information, please visit our website at