Smart End-of-Year Financial Tasks to Stay on Track
As the year wraps up, it’s the perfect time to make sure your financial plan is aligned, optimized, and ready for the year ahead.
At Wealth|KC, we take a proactive approach during this season—handling several key tasks for you behind the scenes and offering guidance on additional opportunities that may benefit your broader financial picture.
What We Handle Internally
➡️ Tax Loss Harvesting
If any of your non-qualified investment accounts hold positions with losses, we’ll strategically sell those investments and reinvest the proceeds. This approach can help offset taxable gains and potentially lower your overall tax bill.
➡️ Processing Required Minimum Distributions (RMDs)
For clients who are required to take RMDs, we calculate your year-end account balance and process the appropriate withdrawal amount. We ensure these distributions are completed accurately and on time, so you stay compliant without needing to lift a finger.
➡️ Evaluating Opportunities for Roth Conversions
Each year, we review your tax landscape to determine whether a Roth conversion could be advantageous. If it could save you future tax dollars, we’ll bring that recommendation to you.
➡️ Confirming Your Wealth|KC Accounts Are Maxed to IRS Limits
We make sure your accounts with us are funded to the appropriate annual limits and notify you if there’s room for additional contributions before year-end.
Where We Can Guide You
Maximizing Tax-Advantaged Savings Outside Wealth|KC
If you have additional investment or retirement accounts outside of our management, we’re here to help you confirm you’ve contributed up to the IRS limits. This includes:
Health Savings Accounts (HSA)
2025 Limits:$8,550 for families
$4,300 for individuals
+$1,000 catch-up for those 55+
HSAs are one of the most powerful tax-advantaged tools, offering tax deductions, tax-free growth, and tax-free withdrawals for qualified medical expenses.
401(k)s
2025 Contribution Limits:$23,500 for those under 50
$31,000 for those 50+
IRAs (Traditional & Roth)
2025 Limits:$7,000 for those under 50
$8,000 for those 50+
Each type offers unique tax benefits—our team can help you navigate which strategy best supports your situation.
Reviewing Taxable Investment Accounts Held Elsewhere
If you have investment accounts outside of Wealth|KC, we can help you review them for tax-loss harvesting opportunities while keeping you informed about important rules like wash-sale restrictions.
Managing RMDs From External Accounts
If you have accounts held outside our management that also require RMDs, we can help you calculate what needs to be withdrawn so nothing gets overlooked.
Charitable Giving Strategies
If charitable giving is part of your year-end plans, we can help you determine whether you’re eligible for tax benefits and guide you in choosing the most effective giving strategies.
Gifting to Family
Financial gifting can be a meaningful way to support loved ones. We can help you explore smart, tax-efficient gifting options that align with your goals.
Reviewing Your Insurance Deductible
If you haven’t yet met your medical deductible this year, it could be worthwhile to schedule any planned procedures before the calendar resets. We’re happy to walk through scenarios with you if you’re unsure.
The end of the year is a great opportunity to tidy up your financial plan and position yourself for a successful start to the new year. Whether we’re handling tasks internally or guiding you through decisions outside of your Wealth|KC accounts, you never have to navigate these steps alone.
If you’d like help reviewing your year-end checklist or exploring any of these strategies, we’re always here and happy to support you.
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