By Nic Abelow

As the end of the year approaches, it is an ideal time to review your financial strategy, which can impact your finances this year and possibly for years to come. There are a number of opportunities you can explore to help you save your money and pursue your financial goals before year end.

Nic Abelow

Make the most of capital gains and losses. If you have capital gains or losses, we can review your portfolio management and rebalancing options to make sure you’re taking advantage of gain and loss tax strategies.

Maximize tax-advantaged accounts. If you have not fully funded your qualified retirement plans or individual retirement accounts, doing so could not only provide tax advantages, but also help position you for long-term financial independence.

Benefit from year-end gifting. You and your spouse can each give up to $14,000 to the same person. Thus, you could gift a child as much as $28,000 a year without incurring a tax liability. If you’re a grandparent, consider funding your grandchildren’s education by contributing to a 529 or other college savings plan that may improve your tax situation.

Required minimum distribution. If you’re turning 70½ years of age or older, you’re required by the Internal Revenue Service to take a required minimum distribution this year and each year hereafter from your retirement accounts.

Do not forget about end-of-year strategies that could potentially benefit your short- and long-term goals.

Nic Abelow is a LPL financial advisor with Abelow, Pratt & Associates Financial Advisors and Wealth Management in Lake Tahoe.