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Thanksgiving is one of my favorite holidays – quality time with family, great food, and lots of football. I hope you and your loved ones were able to gather this year and enjoy the day as much as I did. We thought it would be fun to share some photos of our team enjoying the day with their families.

Now that the holidays are in full swing, 2021 will quickly be coming to a close. Although it’s a busy time of year, it’s a good idea to ensure you don’t need to make any last-minute moves to save on taxes. Please let us know if you’ve had any recent changes in your life, such as the birth of a child or even a move. You can also check with us to see if you can benefit from tax-loss harvesting which is selling a losing investment to offset gains. Pay careful attention to your situation if you’re at or near the next tax bracket. If so, we can discuss ways to reduce taxable income now as the year comes to an end.

Lastly, we want to remind you of RMDs for 2021. As you may recall, there was a special RMD waiver due to the CARES Act last year, but that’s no longer the case. If you are 72 or older as of December 31, 2021, please don’t forget to take your RMD by year-end to avoid a penalty (if you are turning 72 in 2021 and this is your first RMD, you have until April 1, 2022). I’m sharing an article, Your Final Tax-Saving Moves Before Dec. 31that provides more detail on all these tax-saving strategies. 

Please don’t hesitate to reach if you have any questions about tax-saving strategies or any other need.  Enjoy the holiday season!

Take care,

Todd M. Wike, CFP®

Managing Partner, Potomac Financial Group
2021 RJFS Chairman’s Council Member*

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