End of Year Financial Checklist for 2021

Like many of you, we have been anxiously awaiting direction from Congress on any potential tax changes for 2021 or 2022.  It looks like we are safe from any significant tax changes for now, but the anticipation is undoubtedly that tax rates will go up once again in the not-so-distant future.  The old adage tax planning of delay income and accelerate expenses is still valid, but this year may hold less weight if rates do indeed go up next year. With that in mind, tax planning done today should take advantage of deductions available today while leaving deductions on the table for future use when rates are higher. 

We have put together a list of some last-minute items to think about before the year ends to ensure you have taken advantage of everything you can this year.  Not all points will apply to you, but the list is worth reviewing to ensure items are not forgotten about.