Tom Meaglia photo

Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

November/December 2021

Moves to Make Before Year's End

3d rendering of important days concept. December 31st. Day 31 of month. Red date written and pinned on a calendar. Winter month, day of the year. Remind you an important event or possibility.

Before you close the book on 2021, give yourself a head start on 2022. A year-end review of your portfolio and insurance can help ensure your investments are in line with your goals and your risks are properly covered for the new year.


Rebalance Investments
You chose your investments based on your risk tolerance and time frame. But market ups and downs can change your asset allocation and risk exposure. Rebalancing your portfolio at the end of the year can return your asset mix to your desired allocation.


Review Your Plan Contributions
Make sure you’re contributing as much as possible to your company’s retirement plan, or at least enough to take full advantage of any employer matching funds. Then review how your funds are invested. Swap funds if necessary to align with your goals.


Consider Losses
Selling individual stocks that have lost value since you acquired them allows you to offset taxable capital gains on stocks you’ve sold at a profit and up to $3,000 of ordinary income in the year of the sale. Any additional losses can be carried over for deduction in future years. Keep in mind that the wash-sale rule prevents you from deducting losses if you purchase the same or similar securities within 30 days of the sale.

Be Charitable
Consider making next year’s charitable contributions before year’s end to get a charitable deduction on this year’s tax return. Gifts charged to a credit card by December 31 will qualify for the deduction, and you won’t be billed until January.


Bunch Expenses
Moving elective medical and dental procedures from 2022 to this year may allow you to exceed the adjusted gross income (AGI) threshold for deduction on your 2021 tax return. To be deductible, medical expenses must exceed 7.5% of your adjusted gross income.


Take Your RMD
If you’re age 72 or older, make sure you take any required minimum distributions (RMDs) from your retirement accounts. Failure to take an RMD by December 31 could subject you to a penalty of 50% of the amount you should have withdrawn, but didn’t.


Make an appointment with your financial professional to discuss and implement strategies.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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