2024 Year-End Financial Checklist & Important Deadlines and Dates

As the holiday season draws near, we extend our gratitude to our valued clients, friends, and partners for their support. While the financial markets are beyond your control, the year-end checklist provided below offers 20 actionable steps that are well within your grasp. These actions, spanning from the pragmatic to the aspirational, have the potential to enhance your financial well-being and prosperity.

1. Budget Review and Adjustment:
   • Review your current budget to assess financial goals and expenses.
   • Make necessary adjustments for the upcoming year based on your financial objectives.
2. Tax Planning:
   • Study your 2023 tax returns for opportunities in 2024, such as Roth conversions. We are doing this for clients now.
   • Take advantage of tax benefits like contributing to retirement accounts and Health Savings Accounts (HSAs) before the 12/31/2024 deadline.
   • Securely send your 2023 tax returns to your advisor so we can review them with you and plan for 2024.
3. Investment Portfolio:
   • Review your investment portfolio to align it with your long-term financial goals.
4. Charitable Giving:
   • Make charitable year-end donations for potential tax deductions.
   • Explore “bunching” strategies for optimizing deductions.
   • Here’s some of the worthwhile causes that ELEVATION WEALTH PARTNERS supports

5. Retirement Planning:
   • Maximize contributions to retirement accounts (like 401(k)s) by year-end.
   • Open a new retirement account or start one by year-end.
   • Assess your retirement goals and progress.
6. Health Insurance and Medicare:
   • Review and adjust health insurance plans and prescription drug coverage.
   • Consider enrolling in a High Deductible Health Plan and contribute to a Health Savings Account.
7. Debt Management:
   • Assess and plan for paying down outstanding debts.
   • Review your credit report for accuracy.
8. Emergency Fund:
   • Ensure your emergency fund is sufficient to cover unexpected expenses.
9. Insurance Review:
   • Review and adjust insurance policies (health, life, auto, home, etc.) to match current needs.
   • Consider Umbrella insurance for additional coverage.
10. Estate Planning:
    • Review or update estate planning documents, including wills and trusts.
    • Ensure beneficiary designations are current.
11. Business Financials (for Business Owners):
    • Review financial statements and performance for the year.
    • Make necessary adjustments and plan for taxes.
12. Accounting and Bookkeeping (for Small Businesses):
    • Keep financial records up-to-date.
    • Prepare for year-end financial reporting and taxes.
13. Record Keeping:
    • Organize and store important financial documents and receipts for tax and audit purposes.
    • Check out I’m Dead Now What?: End of life planner, Make life easier for those you leave behind
14. 529 Plan Contributions:
    • Consider making contributions to 529 college savings plans for educational expenses.
    • Your ELEVATION WEALTH PARTNERS Wealth Advisor can give you guidance.
15. Required Minimum Distributions (RMDs):
    • Ensure you take your RMDs from retirement accounts to avoid penalties. We do this for all our clients.
16. Cybersecurity:
    • Monitor online and cyber security by changing passwords regularly and using two-factor authentication.
    • Be cautious of suspicious emails and requests for personal information.
17. Financial Conversations:
    • Initiate important financial conversations with family, including parents and children. Elevation Wealth Partners has a lot of experience with this. Contact your advisor to learn how they can help.
18. Tax-Loss Harvesting:
    • Sell underperforming investments in taxable accounts to offset taxes on gains.
    • Be aware of the IRS’s Wash-Sale rule when reinvesting.
19. Financial Advisor Consultation:
    • Schedule a year-end meeting with your financial advisor to discuss your financial situation and goals.
20. Planning for 2025:
    • Set financial goals for the upcoming year and create a plan to achieve them.

This checklist covers various aspects of personal and business finance, investment, tax planning, and retirement preparation. Be sure to consult with a tax professional or your Elevation Wealth Partners wealth advisor for personalized guidance based on your unique financial situation and goals.

Now is when we are contacting clients to schedule year-end reviews. If there is date and time that works best for you the next few months, please contact your advisor or another member of your service team to schedule it. Otherwise, expect to hear from us by email or phone soon.