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  1. Your Photo ID (Driver's License, State ID, Passport, Military ID or Alien Registration Card)
  2. Your Social Security Number

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Atlantic Financial Services

Regardless of income level, the financial professionals at Atlantic Financial Services will help you start tomorrow, today.

Year-end planning checklist

Atlantic Financial Service can help you assess your personal finances before the end of the year to determine if action is needed. There is no cost and no obligation for this review. Your complementary evaluation may include reviewing portfolios, funding retirement accounts, and making gifts to family members or charities. Atlantic Financial Services can help you review this checklist to uncover opportunities to minimize taxes and other potential benefits.

Keep investments on track

  • Adjust or rebalance portfolios to make sure asset allocation reflects current risk profile  
  • Be aware of mutual fund distribution dates before making purchases  

Identify opportunities to minimize taxes 

  • Estimate your projected income for the year to determine your marginal tax bracket  
  • If a low tax bracket applies, consider accelerating income before the end of the year; if a high tax bracket applies, consider deferring income into next year if possible  
  • Be aware of important tax-related income thresholds (e.g. income limits applying to the 3.8% net investment income tax, higher Medicare premiums, and taxation of Social Security benefits)1
  • Harvest tax losses to offset capital gains  
  • Donate appreciated stock or mutual funds to a charity to avoid capital gains  
  • Contribute to retirement accounts or Health Savings Accounts (HSAs) to reduce taxable income
  • Accelerate deductions into this tax year if planning to itemize deductions on your tax return (e.g. medical expenses)
  • Consider an installment sale for large transactions to spread out capital gains over several tax years 
  • If expecting a net operating loss (NOL) from a business, consider a Roth IRA conversion 

Focus on retirement planning priorities 

  • Maximize retirement savings including catch-up contributions if age 50 or older
  • Remember to take Required Minimum Distributions (RMDs) if age 72 or older2
  • Monitor the percentage of funds withdrawn from retirement accounts to make sure savings will last over your expected life expectancy
  • Evaluate retirement savings to determine if saving in traditional, pre-tax retirement accounts, or Roth accounts, makes more sense depending on current tax circumstances and projected taxes in the future
  • If concerned about higher taxes in the future, consider a Roth IRA conversion
  • Avoid penalties on early withdrawals from retirement accounts
  • Plan for the 10-year rule applying to inherited retirement accounts3

Understand options for charitable giving 

  • Make charitable gifts before the end of the year to lower taxable income (if itemizing deductions)
  • If age 70 ½ donate to charities from your IRA using a Qualified Charitable Distribution (QCD)4
  • Use a Donor Advised Fund (DAF) to time a charitable tax deduction for this year, while having the flexibility to decide later which charities receive contributions
  • Lump several years of charitable gifts into one year to itemize deductions on the tax return
  • For 2021, be aware of the $300 above-the-line tax deduction for charitable gifts ($600 for married couples filing a joint tax return)
  • Retain necessary documentation on donations for tax purposes 

Create a legacy for family members 

  • Utilize the annual gift tax exclusion before the end of the year ($15,000 per individual or $30,000 for married couples electing to split gifts)
  • Make sure important documents (e.g. wills, trusts, powers of attorney, healthcare directives) are in place and up to date
  • Review beneficiaries listed on retirement accounts, life insurance policies, and annuity contracts
  • Consider strategies to transfer wealth utilizing the lifetime gift/estate tax exclusion ($11.7 million per person for 2021)
  • Make gifts into 529 college savings plans
  • Gift appreciated or income-producing assets to family members in lower tax brackets
  • Establish Roth IRAs for younger family members who have earnings from work 

Atlantic Financial Services is here to help. Contact Robert Schmidt at 207.373.5101 or via the button below.

Get started today!

Check the background of Robert Schmidt on FINRA's BrokerCheck.

1 For 2021, the 3.8% surtax applies once modified adjusted gross income (MAGI) exceeds $200,000 for single taxpayers ($250,000 for married couples filing a joint tax return). Medicare Part B premiums increase for taxpayers once MAGI exceeds $88,000 ($176,000 for married couples filing a joint tax return), and is based on income from two years prior to filing for Medicare. Taxes on a portion of Social Security retirement benefits apply once MAGI exceeds $25,000 ($32,000 for married couples filing a joint tax return).
2 Retirement plan partcipants who are still working may avoid RMDs on plan balances if certain requirements are met.  
3 Beginning in 2020 the SECURE Act requires most non-spouse beneficiaries (unless an exception applies) to withdraw all funds from inherited retirement accounts over a ten-year timeframe following the year of death of the owner.  
4 IRA owner must be age 70 ½ or older at the time of the IRA distribution to take advantage of this provision. The QCD must be sent directly to a qualified public charity, is limited to a maximum of $100,000 annually per individual, and can be applied towards satisfying the RMD.

For informational purposes only. Not an investment recommendation. 

This information is not meant as tax or legal advice. Please consult with the appropriate tax or legal professional regarding your particular circumstances before making any investment decisions. Putnam does not provide tax or legal advice. 

Putnam Retail Management  AD1920002 11/21

Atlantic Financial Services, LLC is a credit union service organization wholly owned by Atlantic Federal Credit Union (AFCU). Atlantic Financial Services, LLC is a separate entity from AFCU, and business conducted with Atlantic Financial Services, LLC is separate and distinct from any business conducted with AFCU. Atlantic Financial Services, LLC offers financial investment and retirement planning products through LPL Financial.  Financial investment and retirement planning products offered through Atlantic Financial Services, LLC are not AFCU products, and are not NCUA or federally insured. These products are not obligations of AFCU; are not endorsed, recommended, or guaranteed by AFCU or any government agency; and are subject to investment risks including, without limitation, the possible loss of principal.

Robert Schmidt is a Financial Advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC ). Insurance products are offered through LPL or its licensed affiliates. Atlantic Federal Credit Union and Atlantic Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Atlantic Financial Services and may also be employees of Atlantic Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Atlantic Federal Credit Union or Atlantic Financial Services. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency Not Credit Union Guaranteed Not Credit Union Deposits or Obligations

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The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Atlantic Federal Credit Union (“Financial Institution") provides referrals to financial professionals of LPL Financial LLC (“LPL") pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services. Please visit lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.