Local wealth consultant talks 'fiscal cliff' - FOX 35 News Orlando

Local wealth consultant talks 'fiscal cliff'

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SOUTHFIELD, Mich. (WJBK) -- Here is some advice on what we should do if we hit the "fiscal cliff."

Keep finances in mind with the holiday shopping.

Project forward the opportunity cost of buying an item your "considering", such as reducing $500 of gifts to pay for a semester of rent for your newborn by the time she goes to college

Don't be lured by a "sale" especially if you are buying on credit.  You might pay 2 or 3 times the cost of that product depending on how long it takes you to pay off the credit card.

Taxes seem confusing, but they are a bill that many people have much more control over than they exercise. Don't let December 31st slip by unnoticed.

Taxes might not go up next year and the Fiscal Cliff resolved, but by any measure taxes are lower than they've been in decades. Now is a good time to consider your options no matter what happens regarding the cliff.

Rather than wait, consider cashing in on investments that have a capital gain.

Making Roth conversions before December 31st.

Itemized deductions might be limited next year.

Have you given all you want to charities in cash and/or physical belongings?

Did you pay your real estate taxes yet?

Should you take more out of your IRA this year?

Worry about the end of the year things: purchases, savings into workplace retirement plans, conversions or donations that need to be made before December 31st.

You still have until April 15th of next year to contribute to IRA's or Roth IRA's.

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