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Tax Planning FYE 2012: Now is the Time!

Posted by McDonald & Osborne Posted on Oct 12 2015

It’s only May, right?! But think about that… it’s ALREADY May! Time sure does fly by and that is why now is the best time to start thinking about tax planning or initiating your tax plan.

Remember our article, “ Beyond 2012 – The Great Unknown ,” posted in February of this year? In it, Stephen highlighted some of the tax benefits that are scheduled to expire December 31, 2012.

Here are a few things to consider as we navigate through 2012:

  • Selling stock or listed options to realize a gain or loss
  • Complete gifts for the year (charitable or other)
  • Take RMDs (required minimum distributions) from traditional IRAs and most qualified plans if you reached age 70½ before 2012 (We posted an article on this very subject, “ IRAs and Required Minimum Distributions ” in January this year.)
  • Complete a Roth IRA conversion
  • Complete a 529 plan contribution

Now keep in mind that the above is not a comprehensive list but just a few areas that many people should consider in their tax plan. Contact us if we can help you with your own personalized tax plan for 2012.

Did you know you can search our blog articles by category? Check out more articles related to Tax Planning , Retirement Planning or Financial Planning right here on our blog.

Lisa Osborne
Office Administration

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