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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 2023

Year-end Moves Can Benefit Investors

Gold king chess piece stand on black background (Concept for leadership, unique)

November through December is typically a busy season, so you may not be focusing on your current investments. But, before you carve the turkey and bring out the noisemakers, take some time to review year-end strategies that may improve your finances.


Contribute to Your Retirement Fund
Contributing to your retirement account can build savings and lower your tax bill. For 2023, you can contribute up to $22,500 to a 401(k), 403(b), or 457 retirement plan. If you’re 50 or older, you can make a catch-up contribution of $7,500.

If you haven’t contributed the maximum, consider adding to your retirement account before December 31.


Open an Individual Retirement Account
You may be able to contribute up to $6,500 to a traditional IRA. Account holders ages 50 or older can also make a $1,000 catch-up contribution. If eligible, you have until the April 15, 2024, tax filing deadline to make the contribution and claim the deduction on your 2023 tax return.

Fund an HSA
Members of High Deductible Health Insurance Plans (HDHP) can set money aside in a Health Savings Account, (HSA). In 2023, the limits are $3,850 for individuals, and $7,750 for families covered under the plan. Members ages 50 and older can contribute an additional $1,000. You can withdraw contributions tax-free to pay out-of-pocket healthcare expenses.


Sell Those Losers
Selling stocks in a brokerage account that have declined in value allows you to deduct the loss to offset capital gains on stocks you sold during the year. You can use losses to offset up to $3,000 of ordinary income. You can carry over excess losses to future tax years.

Donate to Charity
With the higher standard deduction, fewer people are itemizing their taxes. If you itemize, donating to a charity whose mission is important to you could reduce your tax bill. The charity must be a qualified tax-exempt organization for contributions to be deductible.

Schedule a Meeting
Meet with your financial professional to review your investment strategy and assess your progress. Then consider additional end-of-year moves that make sense for you.


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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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