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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 for this year and for years to come.  This month, we’ll look at tax strategies to consider prior to year’s end.

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Year End Tax Tips

There are a number of effective tax planning strategies that can save you money, while helping you further meet your financial goals.  While it is imperative that you always consult your tax advisor before implementing any tax planning strategy, here are a few ideas that you may want to consider:

Holiday gift ideas.  You and your partner/spouse can each give up to $14,000 to the same person.  Thus, you could give a child up to $28,000 a year without incurring a tax liability.  Another idea for parents (and grandparents) are contributions to 529 college savings plans.  These contributions 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.

Qualified Charitable Distributions.  If you’re 70 ½ or older, you’ll have a retired minimum distribution (RMD) for your retirement accounts.  A qualified charitable distribution is a distribution made directly from an IRA to a charity that can meet some or all of your RMD for the year.  The qualified charitable distribution is excluded from your income for the year.  The IRS allows direct payments from your IRA up to $100,000 for the year on direct payments made prior to the December 31st deadline for RMDs.  See your CPA for specific rules and guidelines.

Charitable Donations. Remember that you can make charitable donations in the form of cash or investments to potentially help to reduce your taxable income for the year.

When helping to support a charity, most people choose to donate cash.  Donations to charities registered with the IRS are usually tax deductible for those who itemize their deductions.  The reason this method is so popular is because it is the easiest way to donate, but this option might not be the most economical way for you to support your favorite charity.

In addition to cash contributions, you could consider donating appreciated assets- including securities if you have owned them for at least a year. The donated asset is assessed at full fair market value. You can take a tax deduction and avoid payment of capital gains taxes on the security.

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).

These are just a few of the tax saving strategies worth considering 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 acting.  Put yourself on track to make the most of tax savings!

The opinions voiced in this material are for informational purposes only and are not intended to provide specific advice to any individual.  This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.



Highlandtown Train Garden

We’re excited to once again sponsor this wonderful activity.  Elise has thoroughly enjoyed going to the train garden the past three years and we’re proud to help keep this treasure going for all of the families in the area to enjoy.  Learn more about the Highlandtown Train Garden here:

December 21st-December 29th

Woody will be working remotely.

Monday, December 25th

Our office and US markets will be closed on Monday, December 25th for Christmas.  Have a wonderful day with your friends and family!

Just a Reminder

We are always accepting donations for the local animal shelters – toys, tennis balls, collars, leashes, food, cat litter, cardboard trays, office supplies, cleaning supplies, towels, mats, washcloths, etc. We will accept donations Monday-Friday between 9am & 5pm.


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Birthday Girl!


Happy birthday, Roxy!  It’s hard to believe that our little Roxy turned 10 in November.  Time truly flies.  Roxy had a wonderful weekend visiting her grandparents and she enjoyed her favorite part of birthdays: pupcakes!

Elise had International Day at school (in lieu of Halloween) and made us so proud.  Leading up to International Day, each class learns about a different continent and a song that they sing for an assembly that includes the parents of all three classes.  Typically a shy girl, Elise entered the assembly room with style, belted out their song, and proudly introduced herself while pointing to her country (Kenya) on a map.  Way to go, Elise!

I hope you enjoyed this month’s newsletter.

Best Wishes,


Woody Derricks, CFP®, ADPA®


CA Insurance License #0C40217


Available by Appointment in Alexandria & DC

As a Registered Investment Advisor, Partnership Wealth Management is committed to providing our clients with financial planning and wealth management services to help them make the most of their investments. At Partnership Wealth Management, we have a long history of working with the LGBT community. Among the many services we offer are financial planning and estate planning strategies for gay and lesbian couples. Financial planning is an important part of preparing for the future; contact us today to get started.

Certified Financial Planner Board of Standards Inc. owns the certification mark CFP® in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.