The end of
year is a traditional time of celebration, excitement, reflection and planning – not withstanding hectic holiday shopping of course. However, end of year also holds another, lesser-known but more significant, importance - optimal time of year to complete year-end financial tasks. A new booklet in Financial Booklets Series from Marshall Rand Publishing reveals most essential of these tasks.Managing your personal finances always begins with you. By not completing certain essential tasks, you risk making costly mistakes and placing your financial independence, control and security at risk. The benefits of completing these financial tasks typically include protecting and growing your investments, cutting your tax bill, jump starting your retirement savings, improving your credit rating and reducing your insurance costs.
“The end of year is not only optimal time to address all personal finances, but also is deadline for completing some specific tasks,” says Scott Frush, president of Frush Financial Group and author of 33 Essential Year-End Financial Tasks (available at www.FinancialBooklets.com). “For example, last trading day in December is final opportunity to sell losing investments and offset resulting capital losses against existing capital gains for that tax year.”
Here Frush shares seven of essential year-end financial tasks revealed in his new booklet.
1.MINIMIZE CAPITAL GAINS: Capital gains taxes can significantly reduce total portfolio performance and increase your tax bill. As a result, harvest appropriate capital losses to offset against existing capital gains. 2.REBALANCE YOUR PORTFOLIO: Due to fluctuating market prices over year, your portfolio and respective holdings may have changed. To ensure that your portfolio remains optimal - or aligned to achieve your goals and objectives - you may need to sell some investments and buy other investments with proceeds.
