Episode 27

full
Published on:

13th Dec 2024

The Weekend Pour: Matt Roberts on Important Year-End Tax and Financial Planning

On "The Weekend Pour" - a special edition of Maxwell's Iowa CoffeeCast - Maxwell sits down with Matt Roberts, Chief Planning Officer at Syverson Strege, to discuss crucial year-end tax and financial planning strategies. (*More about Matt, and a recap of our conversation with additional useful information is below!)

With the December 31st deadline looming, Matt emphasizes the importance of proactive planning, particularly for charitable giving. He explains the thresholds for deductions and highlights tools like donor-advised funds for flexible, impactful giving.

The conversation also delves into preparing for potential tax code changes in 2025, offering actionable advice for navigating uncertain tax landscapes. Matt discusses accelerating income or deductions based on future tax scenarios and the importance of collaborating with CPAs for accurate tax projections.

Listeners learn about Syverson Strege’s comprehensive financial planning approach, which includes retirement and estate planning. Matt also introduces their Financial Foundations program, aimed at teaching younger generations budgeting and saving basics. This insightful episode is a must-listen for anyone seeking clarity in their financial journey.

*Matt Roberts, MFM, CFP®, CAP®, is the Chief Planning Officer at Syverson Strege and a CERTIFIED FINANCIAL PLANNER™ practitioner. He is committed to serving others to enrich and empower their lives. His primary focus is to ensure clients maximize what they desire from their money and reach their personal and financial goals. Matt strives to provide peace of mind, joy, and clarity of personal and family wealth through comprehensive financial planning strategies. Matt also leads the firm’s Planning Committee which is responsible for the oversight of the financial process. He earned his B.S. in finance from Iowa State University and a Master of Financial Management (MFM) degree from Drake University.

A recap of our conversation and some extra info:

With the end of the year fast approaching, now is the time to ensure your ducks are in a row to take advantage of charitable giving opportunities, tax-deferred growth investments, and other tax-related strategies. 

 Items to Handle Before December 31

  • Gifts to charity must be made before the end of the year. This includes gifts of cash, securities, and personal property. In addition, Qualified Charitable Distributions (QCDs) will need to be made by the end of the year to provide benefit in 2024. 
  • Consider a Donor Advised Fund for larger charitable gifts to generate a deduction this year, while delaying the actual gift to charity to when it makes sense for you.
  • This may sound odd, but there could be a case made to generate more income in 2024 if possible. This could include harvesting capital gains or doing a Roth conversion. With the potential sunset of the 2017 Tax Cuts and Jobs Act at the end of 2025, tax rates may increase in 2026.
  • If you have access to an employer-sponsored retirement plan such as a 401(k) or 403(b), you could consider maximizing the contributions you put into the plan. The maximum employee contribution for a 401(k) and 403(b) is $23,000. An additional contribution of $7,500 can be made for those 50 or older. Unlike IRA contributions, these contributions need to be made before year-end to qualify for 2024.

 Items That Could be Handled Before April 15

  • Traditional and Roth IRA contributions can be made up until you file your taxes or April 15. The maximum contribution is $7,000 with an additional $1,000 catch-up contribution for those 50 or older.
  • Health Savings Account (HSA) contributions may also be made up until you file your taxes or April 15. The maximum contribution to an HSA for an individual is $4,150 or $8,300 for a family. There is a $1,000 catch-up if you are 55 or older.
  • As a parent or grandparent, you may have established a 529 Plan to help save for college. Each state has their own rules regarding the deductibility of contributions that can offset state income taxes. You can see your state rules by clicking here. 

 Maxwell's Iowa CoffeeCast is presented by Wellabe. Be well.

Next Episode All Episodes Previous Episode

Listen for free

Show artwork for Maxwell's Iowa CoffeeCast

About the Podcast

Maxwell's Iowa CoffeeCast
Maxwell's Fresh Brewed Conversations with Iowans
Ready to listen in to a great conversation over a delicious cup of coffee? Maxwell's Iowa CoffeeCast offers an engaging blend of candid interviews, commentary, and humor, providing listeners with fresh insight and perspective into the lives of fellow Iowans who have interesting stories to tell. Maxwell is a decades-long Iowa broadcaster and his easygoing and relatable hosting style, combined with the genuine and heartfelt nature of the conversations, creates a welcoming atmosphere for listeners and his guests. The podcast not only entertains but also provides valuable insights and reflections on personal and professional growth and the importance of staying true to one's values. And there is always a special focus on Iowan's who contribute to arts and culture in their communities. Listeners can expect the Iowa CoffeeCast to continue exploring diverse topics, featuring a range of guests who bring their unique perspectives and experiences. Whether discussing industry trends, personal stories, or broader societal issues, the podcast aims to foster meaningful dialogue and connect with its audience on a deeper level. Maxwell's commitment to authenticity and community shines through, making it a must-listen for those seeking thoughtful and engaging content.

About your host

Profile picture for Maxwell Schaeffer

Maxwell Schaeffer

Maxwell Schaeffer is a 40+ year broadcast veteran and Iowa media influencer. Over his decades on the radio he has interviewed world famous entertainers, successful business leaders, Governors, Presidents and influential political figures. Above all - he prefers to interview Iowa friends and neighbors who have compelling personal stories of accomplishments, struggles and triumphs of the human spirit. In addition to being an inductee into the Iowa Rock ‘n Roll Hall of Fame (for his radio work) he is also an award winning theatrical director, actor, voiceover artist and producer.