We hope everyone is kicking off the holiday season with a great Thanksgiving, and that you enjoy all of the blessings of the Holiday season over the next few weeks.

As we close out 2023, we wanted to make sure our clients remembered these important year-end financial and investing items:

  • Clients over the age of 72 with an IRA account need to take their RMD (required minimum distribution) by December 29! We will be in contact with each of you individually if this important distribution hasn’t been made yet.
  • All clients contributing to IRAs and ROTH IRAs (and any workplace retirement plans): check and make sure you haven’t contributed too much to them over the course of the year! You still have time to withdraw any excess contributions prior to the end of the year. In case you don’t know, for 2023, the maximum contributions for all kinds of tax-sheltered accounts can be found here (courtesy of Investopedia).
  • With the markets battered down so significantly this year, it is an excellent time to harvest tax losses in non-qualified (non-tax-sheltered) accounts. Tax losses offset capital gains and investment income from earlier in the year, and can even carry over into future tax years. Let’s talk today if you need some tax losses before the year ends.
  • Many clients want to file their tax returns as soon as they get their W-2s from work in late January. However, keep in mind that the deadline for investment accounts (and the investments themselves) to report your profits can be as late as the end of March! You will receive a Preliminary 1099 for your investment accounts as soon as practical in late January / early February, but you may get up to two revised 1099s after that as more investment funds report their profits. Be prepared, if you file too early, to file an amended return if you “jumped the gun” on getting your final 1099.
  • Also, remember: as you work on your tax returns in early 2023, you can still open and fund an IRA account for 2023 all the way to your tax filing date in 2024 (typically April 15) if it will reduce your taxable income. With your permission, we’re happy to talk directly to your tax professional.
  • There can be no more major changes to ERISA-governed retirement plans until January.

All clients will be signing updated service agreements in December

Due to changes at several custodians in 2023, we are forced to update our client agreements for nearly all of our clients, so we decided to take the opportunity to update all of our client agreements to take effect on January 1, 2024. Please look for that updated client agreement starting December 1, and have it e-signed by December 22.

Our Annual Client Survey & Review Appointments are coming up soon!

As long-time clients know, we try to conduct our annual account reviews during the first quarter of each year. Ahead of those meetings, we always send out our annual client service survey, which lets us know what’s going well for you this year, gets your feedback on how you feel about the services we provide you, gives you a chance to recommend improvements, and lets you update your contact information, beneficiaries, etc.

Please look for this survey to be delivered to your inbox the week of December 11 and have it completed by December 31, because inside the survey will be the calendar to book your Annual Review Appointment in January.

Holiday Market & Office Hours

Investment markets are generally required to observe U.S. government holidays. This means there will be no trading on the following dates:

  • Thursday, November 24 (Thanksgiving Day)
  • Friday, November 25 (half day only)
  • Monday, December 25 (Christmas Day)
  • Monday, January 1, 2024 (New Year’s Day)

Our office will also be closed on these days.  In addition, we will have limited appointment slots available December 26-29 so that end-of-year service needs can be addressed.

If you have any questions about the information we’ve provided above, please reach out to us! Otherwise, please have a wonderful Hanukkah, Christmas, and New Year, and we’ll be seeing you soon for an annual catch-up in January.