FINANCIAL BUZZ DIAZO WEALTH GROUP AT EK RILEY INVESTMENTS, LLC 10120 S. Eastern Ave. Suite 236, Henderson 702.745.1800 Justin.Long@DiazoWealth.com
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DiazoWealth.com CHECK ON YOUR RETIREMENT CONTRIBUTIONS While you can contribute to both Traditional IRA and Roth IRA up to
the 15th of April the following year, if you are enrolled in a 401(k)/403(b)/457 type Justin Long
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employer-sponsored plan, all of these
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LOOK AT TAX-LOSS HARVESTING OPPORTUNITIES By taking a look at your positions and
discussing
them
with
your
have different capabilities. For those under
adviser, you can take advantage of where
50 years old, the limit for 2019 is $19,000,
your accounts are at the end of the year and
and for those over 50, they can contribute
potentially leverage the tax potential by har-
an additional $6,000 as a catch-up con-
vesting losses and using any losses to offset
tribution. For those unable to max out the
gains with other investments. Focusing on
contribution, the main focus should be, at
capital gains distributions and whether hold-
the very least, to ensure that you are taking
ings are considered long- or short-term can
advantage of any match that is available
impact your tax situation. This can create tax
through the employer-sponsored plan.
alpha and improve potential performance. Please consult with your tax professional to ensure these apply to your situation and how
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these tactics could benefit your situation. USE ALL OF YOUR HEALTH ACCOUNTS AVAILABLE TO YOU There are two main options for health insurance and health spend-
ing accounts: Flexible Spending Accounts and Health Savings Accounts. Health FSA contributions are limited by the IRS to $2,700
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TAKE CARE OF YOURSELF Get
healthy,
gain
knowledge
wherever you can and create a positive environment to grow your career
expert Tips for your End-Of-TheYear budget
each year (up from the 2018 limit of $2,650).
or your business. Align yourself with an
The limit is per person; each spouse in the
adviser who has goals in line with yours
household may contribute up to the limit.
and who has a fiduciary duty to you. By
Your employer may elect a lower contribu-
investing in yourself, your health and your
tion limit. FSA spending accounts need to be
education while aligning yourself with like-
liquidated and used on health care expenses
minded professionals, you can set yourself
by the end of the calendar year. The other
up for a fantastic 2020.
ARTICLE JUSTIN LONG
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Green Valley Lifestyle | December 2019
option is a Health Savings Account. For single-only coverage, the limit is increasing by $50, bringing the new 2019 limit to $3,500, and for a family, the limit is increasing by $100,
Disclosure: Registered Representative and
bringing the 2019 limit to $7,000. Again, for
Investment Adviser Representative of and of-
taxpayers over the age of 50, there are addi-
fers securities and advisory services in states
tional contributions available, which take the
where registered through E.K. Riley Invest-
totals to $4,500 for an individual and $9,000
ments, LLC. Member FINRA and SIPC, Bro-
for a family. Maximizing these accounts may
ker Dealer and an SEC Registered Investment
also create tax deductions that can reduce
Adviser. Diazo Wealth Group is a division of
your overall tax liability.
E.K. Riley Investments, LLC