Financial Professional Year-End Tax Tips

Personal Finance

Now that we’re in the fourth quarter, it’s the perfect time to schedule year-end tax conversations with your Financial Professional before the rush and demands of the holiday season consumes everyone’s time and focus. Avantax’s independent Financial Professionals offer tax-focused financial planning and wealth management services, and they’re working with clients on plans to reduce tax implications for 2022 while positioning clients for the year ahead.



“Many people make the mistake of ignoring tax deductions like charitable donations. If you have causes you’re passionate about and routinely support nonprofit organizations anyway, it’s important to work with your financial advisor to develop a proactive charitable giving strategy to maximize tax-saving opportunities. Vehicles like donor-advised funds or making qualified charitable distributions directly from your individual retirement account can get you more bang—or better yet, more benevolence— for your philanthropic buck.”

Savara McDaniel CFP® BFATM NSSA® Director of Financial Planning & Financial Advisor for Core+ Financial Strategies



“Retired clients miss an incredible opportunity to grow their money if they aren’t working with a tax-savvy financial professional. The right partner will help you determine how much of a Traditional IRA can be converted to a Roth IRA without negatively impacting your tax bracket or triggering other state income tax issues. Roth IRAs allow your money to grow tax-free and aren’t subject to required minimum distributions, so their compounding affect can work in your favor—or against you.”

Kyle Johnson, RICP® Founder & Senior Wealth Advisor for K.L. Johnson Advisors



“At the end of the year, the most important thing for taxpayers to do is consult with their financial professional before taking any action. It’s a good time to assess your cash flow, plan ahead for future expenses, and obtain a tax projection. A surprise tax bill can derail you from your bigger goals, and consulting your financial professional ahead of time can prevent us from being the bearer of painful news.”

Joseph M. Schmerling, CPA, CFP® RICP® Wealth Management Advisor for Schmerling Financial Group



“We see clients make the mistake of purchasing real estate at the end of a calendar year but not communicating the purchase to their financial advisor until the following year—at which point it’s too late to take advantage of tax benefits. Whether you realize a large gain from the sale or swap commercial property for a qualifying replacement can have big implications for your tax situation.”

Young Po, Partner & Financial Services Representative for Paxel Financial Consulting




“With a few exceptions, you mostly have until December 31st each year to impact your taxable income so it’s important to work with a financial advisor who actively collaborates with your CPA all year long. You don’t want to miss tax-saving opportunities by not capitalizing on stock market volatility to rebalance your portfolio’s asset allocation and harvest tax losses to minimize capital gains. Periods of significant market downturn can allow for timely growth opportunities—especially when your trusted advisors are working as a team.”

Sean Patton, CPA & Financial Advisor at CNC Financial Group



The Avantax family of companies exclusively provide investment products and services through its representatives. Although Avantax Wealth Management® does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business. This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.