Subscribe to Guide
No Result
View All Result
Hamptons.com
  • Spotlight Magazine
  • Lifestyle
    • Featured
    • Entertainment
    • Arts
    • Community
    • Dining
    • Recreation
    • Trending
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
  • Real Estate
    • Real Estate Features
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
  • Live Cameras
    • All Live Cameras
    • Live Weather Cams
    • Amagansett, Atlantic Avenue Beach
    • Bridgehampton, West Scott Cameron Beach
    • East Hampton Village, Main Beach
    • East Hampton Village, Main Street
    • East Hampton Village, Newtown Lane
    • Hampton Bays, Ponquogue Beach
    • Hampton Bays, Ponquogue Bridge
    • Hampton Bays, Shinnecock Fishing Dock
    • Hampton Bays, Tiana Beach
    • Long Island Aquarium | Coral Reef
    • Long Island Aquarium | Penguins
    • Long Island Aquarium | Shark Tank
    • Montauk, Downtown Circle
    • Montauk, Lars Simenson Skatepark
    • Montauk, Gin Beach & Inlet
    • Montauk, Sunset Beach & Inlet
    • Sagaponack, Sagg Main Beach
    • Sag Harbor, Foster Memorial Beach
    • Sag Harbor, Long Wharf Marina
    • Sag Harbor, Main Street (South)
    • Sag Harbor, Sag Harbor Bay
    • Sag Harbor, Windmill Beach & Bay
    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
    • Southampton, Conscience Point Marina
    • Southampton Village, Coopers Beach
    • Southampton Village, Main Street (South)
    • Southampton Village, Main Street (North)
    • Southampton Village, Main Street (Hildreths)
    • Westhampton Village, Main Street (East)
    • Westhampton Village, Rogers Beach
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support
  • Spotlight Magazine
  • Lifestyle
    • Featured
    • Entertainment
    • Arts
    • Community
    • Dining
    • Recreation
    • Trending
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
  • Real Estate
    • Real Estate Features
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
  • Live Cameras
    • All Live Cameras
    • Live Weather Cams
    • Amagansett, Atlantic Avenue Beach
    • Bridgehampton, West Scott Cameron Beach
    • East Hampton Village, Main Beach
    • East Hampton Village, Main Street
    • East Hampton Village, Newtown Lane
    • Hampton Bays, Ponquogue Beach
    • Hampton Bays, Ponquogue Bridge
    • Hampton Bays, Shinnecock Fishing Dock
    • Hampton Bays, Tiana Beach
    • Long Island Aquarium | Coral Reef
    • Long Island Aquarium | Penguins
    • Long Island Aquarium | Shark Tank
    • Montauk, Downtown Circle
    • Montauk, Lars Simenson Skatepark
    • Montauk, Gin Beach & Inlet
    • Montauk, Sunset Beach & Inlet
    • Sagaponack, Sagg Main Beach
    • Sag Harbor, Foster Memorial Beach
    • Sag Harbor, Long Wharf Marina
    • Sag Harbor, Main Street (South)
    • Sag Harbor, Sag Harbor Bay
    • Sag Harbor, Windmill Beach & Bay
    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
    • Southampton, Conscience Point Marina
    • Southampton Village, Coopers Beach
    • Southampton Village, Main Street (South)
    • Southampton Village, Main Street (North)
    • Southampton Village, Main Street (Hildreths)
    • Westhampton Village, Main Street (East)
    • Westhampton Village, Rogers Beach
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support
No Result
View All Result
Hamptons.com
December 14, 2017

Five Financial Steps To Take Before The New Year

Rocco A. Carrieroby Rocco A. Carriero
in Real Estate
Home Real Estate

December is a great time to review your finances and get ready for a fresh start in the new year. Here are five key financial moves that are worth reviewing before year end:

Review your goals and financial progress

If you’ve laid out a plan to achieve your key goals such as retirement or saving for a child’s education, now is a good time to measure your progress. Are you on track or do you need to make adjustments? If you don’t have a clear plan, now is a good time to establish one for 2018.

Take full advantage of your retirement savings opportunities

If you participate in a workplace savings plan, such as a 401(k) or 403(b), try to maximize your pre-tax contributions. In 2017, you can defer up to $18,000 per year or $24,000 per year for those 50 and older, into a retirement plan. Your contribution reduces your pre-tax income, providing an immediate tax savings, while any earnings in the account grow on a tax-deferred (for traditional retirement plans) or tax-free (for Roth retirement plans) basis.

If you have an individual retirement account (IRA), you have until the April 17, 2018 tax filing deadline to make traditional or Roth contributions for 2017. The sooner you do so, the sooner those dollars can be invested and start building for the future on a tax-deferred basis. You can contribute up to $5,500 per year of your taxable compensation; up to $6,500 for those 50 and older. Note that contributions for the 2018 tax year can be made as early as January 1, 2018.

Assess your investment portfolio

Are you properly positioned in your investments? Given the solid performance delivered by the stock market in 2017, many may discover their portfolios are overweight in equities. Determine whether it may be time to re-balance your portfolio to avoid taking on too much risk for your comfort level.

For your taxable investments, consider the potential tax consequences before making any decisions about selling positions that could generate a capital gain. Similarly, you could sell positions that will generate a capital loss to offset other gains and potentially reduce your tax burden. First consult with your investment and tax advisors to determine the best strategy for your situation.

Check on mutual fund distributions

Most mutual funds pay out distributions (reflecting realized capital gains and dividends earned from securities held in the fund) by the end of the year. Check to see what to expect from funds you own, particularly in taxable accounts. If you are considering moving money into a new fund, you may want to wait until the fund has paid its distribution so you don’t inherit a taxable gain shortly after you invest.

Make timely charitable donations

If you itemize deductions on your taxes, you can generally deduct the cash or the fair market value of goods donated to a qualified nonprofit. The contributions must occur before the end of the year to be included on your 2017 tax return as a qualified deduction. Be sure to maintain proper documentation.

As you decide what actions to take before year end, consider sitting down with your financial advisor who can help you evaluate your options. A trusted professional can help you have confidence that the steps you take are beneficial not just today, but also for the long term.

Sign up for our weekly newsletter!

Get the top Hamptons events and latest scoop!

What's Happening in the Hamptons

Related Posts

The Zellman Lambert Team Joins Saunders & Associates
Real Estate

The Zellman Lambert Team Joins Saunders & Associates

July 25, 2025
Unmatched Waterfront Living: A Bayfront Haven in Water Mill
Real Estate

Nancy Mizrahi Knows the Hamptons—Because She Knows How to Listen

July 24, 2025
Bluefin Brings New Level of Luxury to Amagansett’s Bayside
Real Estate

Happening in the Hamptons Podcast: East Hampton Village and The Mill House Inn

July 25, 2025

Search Articles

No Result
View All Result

LOCAL EVENTS

Events

26
Jul
26
Jul
-
26
Jul

Yoga in the Vines

July 26 @ 09:00 AM - July 26 @ 10:15 AM
The Wine Stand 3312 Montauk Hwy, Sagaponack, NY 11962
26
Jul
26
Jul
-
26
Jul

En Plein Air with Howard Rose at Bridge Gardens

July 26 @ 10:00 AM - July 26 @ 01:00 PM
Bridge Gardens, 36 Mitchell Lane, Bridgehampton, NY 11932
26
Jul
26
Jul
-
26
Jul

HAMPTON VINTAGE – A Luxury Marketplace

July 26 @ 10:00 AM - July 26 @ 05:00 PM
Bridgehampton Museum, 2368 Montauk Highway, Bridgehampton
26
Jul
26
Jul
-
26
Jul

Weekend Wellness x Elements Barre x Shimmer Chef

July 26 @ 10:30 AM - July 26 @ 12:30 PM
Elements Barre Fit Sag Harbor 11 Bridge Street, Sag Harbor, NY 11963
26
Jul
26
Jul
-
26
Jul

Bounce Beach Montauk: Saturday Daylife w/ Matroda

July 26 @ 01:00 PM - July 26 @ 07:00 PM
Address: 148 S Emerson Ave, Montauk, NY 11954
Load more listings
Next Post
Sag Harbor Cinema Reaches Fundraising Goal With Pledges From Leonardo DiCaprio, Sarah Jessica Parker, And Matthew Broderick

Sag Harbor Cinema Reaches Fundraising Goal With Pledges From Leonardo DiCaprio, Sarah Jessica Parker, And Matthew Broderick

    Facebook Twitter Instagram Youtube
    Hamptons.com

    Saunders Broadcasting Corp.

    Phone: 631-613-8440
    Email: [email protected]
    Facebook: Facebook.com/HamptonsOnline
    Twitter: @Hamptons
    Instagram: @HamptonsOnline

    About Us | Contact Us

    Hamptons.com

    • Lifestyle
    • Events
    • Real Estate
    • Live Cameras
    • Public WiFi

    Subscribe

    Sign up for our weekly newsletter!

    Get the top Hamptons events and latest scoop!

    © 2025 Hamptons.com | All rights reserved
    Saunders Broadcasting Corp.
    Terms & Conditions | Privacy Policy | About Us | Contact Us

    No Result
    View All Result
    • Spotlight Magazine
    • Lifestyle
      • Featured
      • Entertainment
      • Arts
      • Community
      • Dining
      • Recreation
      • Trending
    • Events
      • Events Calendar
      • Post an Event
      • Gallery
    • Real Estate
      • Real Estate Features
      • Search Real Estate
        • Open Houses
        • Search Sales
        • Search Rentals
      • Title Insurance
      • Happening In The Hamptons Podcast
    • Live Cameras
      • All Live Cameras
      • Live Weather Cams
      • Amagansett, Atlantic Avenue Beach
      • Bridgehampton, West Scott Cameron Beach
      • East Hampton Village, Main Beach
      • East Hampton Village, Main Street
      • East Hampton Village, Newtown Lane
      • Hampton Bays, Ponquogue Beach
      • Hampton Bays, Ponquogue Bridge
      • Hampton Bays, Shinnecock Fishing Dock
      • Hampton Bays, Tiana Beach
      • Long Island Aquarium | Coral Reef
      • Long Island Aquarium | Penguins
      • Long Island Aquarium | Shark Tank
      • Montauk, Downtown Circle
      • Montauk, Lars Simenson Skatepark
      • Montauk, Gin Beach & Inlet
      • Montauk, Sunset Beach & Inlet
      • Sagaponack, Sagg Main Beach
      • Sag Harbor, Foster Memorial Beach
      • Sag Harbor, Long Wharf Marina
      • Sag Harbor, Main Street (South)
      • Sag Harbor, Sag Harbor Bay
      • Sag Harbor, Windmill Beach & Bay
      • Shelter Island, South Ferry
      • Southampton, 39A to Montauk Hwy Merge
      • Southampton, Conscience Point Marina
      • Southampton Village, Coopers Beach
      • Southampton Village, Main Street (South)
      • Southampton Village, Main Street (North)
      • Southampton Village, Main Street (Hildreths)
      • Westhampton Village, Main Street (East)
      • Westhampton Village, Rogers Beach
    • Public WiFi
      • Public WiFi Map
      • Public Wi-Fi Support

    © 2025 Hamptons.com | All rights reserved
    Saunders Broadcasting Corp.
    Terms & Conditions | Privacy Policy | About Us | Contact Us