|
|
: As we approach the end of 2009, you may want to consider last-minute options for helping to manage your income taxes for the year. With this in mind, we're including some strategies you can employ. We also continue to be busy at our new office, so make sure to read all sections of the newsletter. You can also keep up-to-date with all of our activities by becoming a "friend" on our Facebook page or by following us on Twitter. |
|
Year End Tax Ideas
For many of us, autumn is filled with outdoor
activities and calendar planning for the upcoming holiday season. But far too often, we overlook and even
neglect making critical decisions during this last quarter that can impact our
personal financial situations, this year and for years to come.
As a full-service financial consultant, I can
review your investments now and may be able to keep Uncle Sam from taking a
bigger bite out of your income. There
are a number of effective tax planning strategies that can save you money,
while helping you further meet your financial goals.
Whenever you can time your income so it is taxed at
lower rates or deploy assets in a manner that reduces your overall estate, you,
and potentially your heirs, save money. It is imperative that you always consult your tax advisor before
implementing any tax planning strategy. Here are a few ideas we may want to
discuss.
Holiday
gift ideas. You and your
partner can each give up to $12,000 to the same person. Thus, you could give a child up to $24,000 a
year without incurring a tax liability.
And if you are a grandparent, what better way is there to show your
affection for grandchildren than to give the gift of a good education. Contributions to 529 college savings plans
can help you remove additional assets from your taxable estate and may offer
state
income tax deductions. (Limitations, restrictions and fees may apply.)
Make
the most of capital gains and losses. If
you have realized gains in your portfolio from investments that you have sold,
think about reviewing your portfolio for any unrealized losses that may be
appropriate to harvest or realize to offset gains. If you have realized losses, it may be
advantageous to use a rebalancing opportunity to realize portfolio gains to
offset any investment losses. Together,
we can review your portfolio for any asset classes or investment styles that,
due to appreciation, now represent too large a percentage of your total
portfolio than is recommended based upon your risk tolerance.
Maximize
tax-advantaged accounts. For
those not yet age 70 ½ and perhaps for retirees enjoying a second career, you
may still be able to benefit from funding qualified retirement plans or
individual retirement accounts. (Limitations, restrictions and fees may apply.)
Ensure
your bond portfolio is working hard. If you own fixed income bonds, now
is a great time to take a closer look at your bond holdings to ensure you are
positioned to take full advantage of the current market environment and aren't
overlooking opportunities to maximize your income or reduce taxes.
These are just a few of the tax saving strategies
worth considering in order to help you reduce your tax bill. Not all tax planning strategies make sense
for every taxpayer's situation, and some strategies can be complicated. Consult with your tax advisor before taking
action. Put yourself on track to make
the most of tax savings!
|
Office News 
We are accepting donations for the homeless (includes cats & dogs) now
through 12/31/09. For homeless individuals - canned foods, personal
hygiene articles, and home cleaning products (no glass items please).
For homeless pets - toys, food, cat litter, office supplies, cleaning
supplies, towels, etc. Woody, Tammy and Loury will be here to accept donations Monday - Friday from 8:30am - 4:30pm.
We recently added two new states to
our list of states where we can work with new clients. If someone you
know lives in Nevada or Texas and would like to speak with a financial
advisor, please forward this newsletter and our contact info to them.
You may also contact our office with their information. We'll be happy
to speak with anyone you refer to us!
|
On the Home Front 
Heidi's kickball team started the season 0-3 but rallied to win their final four games. With those victories, her kickball team made the playoffs for the first time! While their playoff run was short lived, they now have some momentum built for the Spring season.
|
|
I hope you enjoyed this month's newsletter.
Best Wishes,
Woody Derricks
President
Phone: 410-732-2633
Toll Free: 877-807-2633
Fax: 410-732-2634
| |
|
|
|
Please note our new mailing address:
1819 Thames Street
Baltimore, MD 21231
|
Follow Us on
Facebook & Twitter:
|
|
|
Available by Appointment in Alexandria & DC.
Woody Derricks is also registered to discuss and transact securities business in:
AK, CA, CT, DC, DE, FL, MD, NJ, NY, NV, PA, RI, TX, VA, and VT. |
|
|
|
|
|
