Don’t Miss Out – Year End Planning

"I won't make that mistake again...

It seems each year December gets here sooner… 

Wow – time really flies

Hey honey – did we get that contribution done?  Where is the masking tape and wrapping paper?

Hey Google – When is the deadline for…

Then it’s January- it’s a new year – and a new tax year.  It’s too late.  

I won’t make that mistake again…

The end of the year brings holidays, busy, and financial forgetfulness.  Anxiety also tends to run high and we are all trying to navigate a new environment.  Don’t wait this year – below you will find three common year end planning strategies.  If you want to learn more – grab a cup of coffee, give us 5 minutes and let us know how we can help…


And who doesn’t like a great checklist!

BBK Wealth – 2021 Year End Planning

Important Dates

College Savings

If you have kids and extra cash flow – get a 529.  

– OR – 

If you are in a situation where you find yourself searching for a gift for the younger generation like grand kids, nieces, children or even close family members – skip the gift cards this year and set up a 529 savings account.  

These 529s provide tax benefits for you and imagine the look on an 18 year olds face when you give them a statement.  The account can be used for tuition and QUALIFIED expenses.  

Also – you can use it for high school.  If you think you may know someone heading to a private high school – these funds can help with that tuition.

No kids?  No problem!  You can start one for yourself too.  We help folks with these at no cost.  Reach out…


A few extra resources

You Won’t Believe This Figure!

College Funding is No Joke.

How Much Money Does a Kid Cost?


Roth Conversions

Roths are sweet and complicated – like life.  They are not for everyone but if it makes sense for your financial situation – it is the gift that keeps on giving.

Tax FREE growth folks – that is unicorn rare.

Are you getting ready to retire?  Are you receiving less income than normal?  Don’t wait – this could go away.  Use the resource to help get started.  Reach out and we can help along the way…

Have you heard folks talking about backdoor Roths? Or a MEGA roth?  The Mega Backdoor Roth is an advanced trick – can you do it?  

A few extra resources

BBK Wealth – 2022 Roth Conversion

BBK Wealth – 2022 – Mega Backdoor Roth Contribution

Ultimate DIY Guide

Share your wealth

Be creative with your giving this year!   DO it you way.  You’ve earned it! We believe in giving in a big way.  Specifically – we love tangible giving.  Check out some of our best ideas

  • You can visit a local coffee shop or diner and tip a little extra.
  • Remember to bring some change when you go to the grocery store – the bell-ringers are out 
  • You can visit nearly any amazon classroom and help out a teacher.  Did you know Tyler Smith was a middle school math and science teacher during grad school?
  • Taking your RMD soon – see if you can save on taxes by donating to a qualified charity.
  • Open a 529 – imagine giving an eighteen year old a statement with an investment balance of their own to use for college.  Cash works too but don’t be surprised if it ends up spent on beer and ND sweatshirts at the bookstore.
  • Give to children or family.  In 2021, the IRS will allow a gift of up to $15,000 that is not reportable.  It will rise to $16,000 next year.  I encourage this often – you may really enjoy seeing your money spent! 
  • Ask friends and family if they are donating to anywhere local like:


  • Buy Local gift cards and give them away.  This is a ton of fun.  Give to neighbors, nurses, firemen, the old couple that you see walk every day and maybe even the police (not when being pulled over of course)
  •  If you are giving money and have qualified assets (IRAs) – ask about QCDs

A few extra resources

BBK Wealth – 2021 QCD Rules

BBK Wealth – 2021 – Charitable Giving Strategy

Gifting Rules

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