It's that time of year and just after the holidays that you will need to get your tax paperwork together to file in April 2020.  In all tax matters you should hire or consult with a qualified tax professional for advice or preparation. Pay attention to law restrictions and allowances. 

Here are a few items you may want to consider:

• You actually should have done this last year, but check your withholding percentages.  Missed calculations may have put you in for a "pay the IRS" situation.  So... double check and make it right for the next year.  Good for you if you did it right.
• If you itemize try and pay items that are allowed deductions early (in 2019) rather than waiting for January or February 2020.  If you have a quarterly payment due to the IRS or State due in January 2020, consider paying in December 2019.  Mortgage payments could be paid early if you can.
• Medical expenses are deductible.  Gather all of those receipts and travel time spent for the itemized deductions under medical procedures. In 2019, you were allowed to deduct unreimbursed medical expenses that exceed 10% of your Adjusted Gross Income (AGI).  This may not apply to most because of AGI.  However, you may have had a very high cost procedure or treatment.  Put in what you can for your filing.

• Investments that you have held for a year or less are taxed as ordinary income, but investments you have held longer are taxed at the long-term capital gains rate (range from 0% to 23.8%).  Match short-term losses against short-term gains, and long-term losses against long-term gains, the excess losses can be used to offset the opposite kind of gain. If you still have a net capital loss, you can use up to $3,000 of your loss to offset ordinary income and roll the rest over to 2020.   Check with your tax consultant professional.
• 401 (k) contributions should be considered, make sure you know what is allowed.   You can contribute up to $19,000 to a 401(k), 403(b) or federal Thrift Savings Plan in 2019, plus $6,000 in catch-up contributions if you are 50 or older. If you do this, you have until April 15, 2020.
• If you are self-employed or have freelance income, you may want to consider opening a solo 401(k) plan. You must open it by December 31, 2019 (you have until April 15, 2020, to contribute and take a tax deduction for 2019). You can contribute up to $19,000 ($25,000 if you are 50 or older) to a solo 401(k), minus any contributions you've made to a 9-to-5 employer's 401(k) for the year. You can also contribute up to 20% of your net self-employment income to the plan. Contributions to the solo 401(k) can total $56,000 in 2019 (or $62,000 if 50 or older), but they can't exceed your self-employed income for the year.  Please consult your tax consultant professional for your situation.
• Charitable giving is up to you, make sure you keep good records and receipts from allowed recipients of your generous gift.  

​This is not a total representation of what to do, only a reference to get you on track to save on your tax bill within the law.

​You may want to access the following URL's for more detailed information:
State by State Tax Reference - 
https://www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/index.php

7 Free Programs for Filing Your Taxes - 
https://www.kiplinger.com/slideshow/taxes/T056-S003-7-free-programs-for-filing-your-taxes/index.html
​

1. Be careful in putting all your investments (nest egg) in one basket
A planned well-diversified portfolio facilitates positive performance of some investments and can  balance out poor performance of others investments. The mix of investments in different asset classes (e.g., stocks, bonds, real estate) help keep your retirement goals on track even when one investment goes through and downsizing period. Diversification is vitally important as you get near retirement.  You have fewer years of income to rebuild savings if some investments post losses.
Contact a Certified Financial Planner (CFP) to recommend diversification strategies based on your goals and risk tolerance. Regular meetings with Certified Financial Planner are encouraged to keep your goals on track for a well planned retirement. 

2. Get your estate plan in order to keep your heirs aware
Make things much easier for your loved ones in the future by talking through estate planning today. Your CFP advisor and attorney can work with you on estate planning.  You will obviously want to have your exact wishes of your estate carried out.
Estate planning points:

• Create your will and/or trusts
• Document your health care directive and power of attorney designation
• Ensure your beneficiary designations are up to date for all your financial accounts, including retirement accounts, annuities and insurance
• Keep a list of all your online accounts and passwords in a secure place that your attorney or beneficiaries can access quickly if needed

Your advisor will provide you with personalized advice that aligns with a comprehensive estate plan, and will help bring your family members together for the sometimes-difficult discussions.

3. Don't wait too long to think about your current and long-term health care needs
Protecting your assets means planning carefully for health care needs (expected and the unexpected). Your first step is to make sure you have enough medical coverage, plus a long-term care strategy.
The process begins by finding out which Medicare benefits you’ll be eligible for down the road and researching options for supplemental insurance (assuming you are over 65). For example, hybrid life insurance policies combine life insurance with long-term care benefits that may help you pay for the costs of a nursing home, assisted living or in-home care — expenses Medicare does not cover. In general, these hybrid policies may be more affordable than traditional long-term care policies.  Check them out throughly with your CFP or a licensed insurance agent.

4. Don't keep your 401(k) accounts in multiple places
If you have changed jobs several times during your career, you might have multiple 401(k)s at different employers. It makes sense to consolidate these accounts.  Be careful, before you do, discuss a few critical factors with your CFP:

• Investment options for each account
• Risk tolerance and time horizon
• The appropriate balance between taxable and tax-deferred accounts
• How to take distributions when you need them
• Discuss and decide whether to leave savings in your former employer’s qualified retirement plan if you have employer stock that has grown significantly in value

You may be able to roll your 401(k) savings into an IRA, an option that may provide you with greater control of your retirement assets and growth potential while maintaining tax benefits. Consolidating your retirement savings may also help you, consult your CFP for more strategic options for retirement.

5. Be aware of paying too much in taxes
It make sense to pay taxes now to lessen your future tax liability. Could charitable gifts lower your taxable income? Are there tax deductions you’re not using to your advantage? Your CFP and tax accountant can work together to create a tax strategy for you.

Schedule a retirement check-in with your CFP!

​By the President of the United States of America. a Proclamation.
Whereas it is the duty of all Nations to acknowledge the providence of Almighty God, to obey his will, to be grateful for his benefits, and humbly to implore his protection and favor—and whereas both Houses of Congress have by their joint Committee requested me “to recommend to the People of the United States a day of public thanksgiving and prayer to be observed by acknowledging with grateful hearts the many signal favors of Almighty God especially by affording them an opportunity peaceably to establish a form of government for their safety and happiness.”
Now therefore I do recommend and assign Thursday the 26th day of November next to be devoted by the People of these States to the service of that great and glorious Being, who is the beneficent Author of all the good that was, that is, or that will be—That we may then all unite in rendering unto him our sincere and humble thanks—for his kind care and protection of the People of this Country previous to their becoming a Nation—for the signal and manifold mercies, and the favorable interpositions of his Providence which we experienced in the course and conclusion of the late war—for the great degree of tranquillity, union, and plenty, which we have since enjoyed—for the peaceable and rational manner, in which we have been enabled to establish constitutions of government for our safety and happiness, and particularly the national One now lately instituted—for the civil and religious liberty with which we are blessed; and the means we have of acquiring and diffusing useful knowledge; and in general for all the great and various favors which he hath been pleased to confer upon us.
and also that we may then unite in most humbly offering our prayers and supplications to the great Lord and Ruler of Nations and beseech him to pardon our national and other transgressions—to enable us all, whether in public or private stations, to perform our several and relative duties properly and punctually—to render our national government a blessing to all the people, by constantly being a Government of wise, just, and constitutional laws, discreetly and faithfully executed and obeyed—to protect and guide all Sovereigns and Nations (especially such as have shewn kindness unto us) and to bless them with good government, peace, and concord—To promote the knowledge and practice of true religion and virtue, and the encrease of science among them and us—and generally to grant unto all Mankind such a degree of temporal prosperity as he alone knows to be best.
Given under my hand at the City of New-York the third day of October in the year of our Lord 1789.
Go: Washington

You may think it may be too late to save for retirement... think again you can make it.

In order to get ready you must stay focused and be disciplined... stay the course.  Make sure you first find a qualified Certified Financial Planner (CFP), check them out and then hire the right one for you.  Next think about your budget and how you spend your income.  It may seem an impossible task but do some homework and get going.  With regard to finding a good CFP, find at least four to make comparisons.  Look for track records of the company or investments they represent and make  an objective decision.  Take a look at the links below and get caught up on related terms you may want to discuss with your CFP.  It sure helps to know investment options and basic financial terminology. 

Helpful Links for Retirement Options (source- LINK):
Individual Retirement Account (IRA)
An individual retirement account (IRA) is an investing tool individuals use to earn and earmark funds for retirement savings. 
more
Catch-Up Contribution Definition
A catch-up contribution is a type of retirement savings contribution that allows people age 50 or older to make additional contributions to their 401(k) accounts and/or individual retirement accounts (IRAs). 
more
SBO-401(k)
An SBO-401(k) is a tax-deferred, government-registered retirement savings plan for small business owners. 
more
Independent 401(k)
An Independent 401(k) is a tax-advantaged retirement savings plan available to individual small business owners and their spouses. 
more
Spousal IRA Definition
A spousal IRA is a strategy that allows a working spouse to contribute to an IRA in the name of a non-working spouse to circumvent income requirements. 
more
Retirement Planning
Retirement planning is the process of determining retirement income goals, risk tolerance, and the actions and decisions necessary to achieve those goals. 
more

If you want to know more about the history of Colorado, visit these Colorado museums. You can visit them both in person and online.
Established in 1879, History Colorado offers public access to cultural and heritage resources of Colorado.
Here are the various Colorado museums that tell much of the story of the Centennial State. There are plenty of hands-on displays and a wealth of information. Put them on your “bucket list.”
Colorado Springs Pioneer Museum – History Matters. The Colorado Springs Pioneer Museum (CSPM) is the only institution researching, collecting and interpreting the robust history of Colorado Springs and the Pikes Peak region. Located at 215 South Tejon, Colorado Springs, Colorado.
National Museum of World War II Aviation – The National Museum of World War II Aviation provides a unique educational experience. It promotes a deeper understanding of the historical importance of American aviation in World War II. Located at 755 Aviation Way, Colorado Springs, Colorado.
History Colorado Center – “Inspiring generations to find wonder and meaning in our past and to engage in creating a better Colorado.” Located at 1200 Broadway, Denver, Colorado.
Byers-Evans House Museum – “The Byers-Evans House was home to two prominent Denver families. It is one of the city’s most historic landmarks.” Located at 1310 Bannock Street, Denver, Colorado.
El Pueblo History Museum – “El Pueblo History Museum showcases the city’s history and the region’s many cultural and ethnic groups.” Located at 301 North Union, Pueblo, Colorado.
Fort Garland Museum & Pike’s Stockade – “Fort Garland was once commanded by legendary frontiersman Kit Carson. It had a garrison of over 100 men. They served to protect the earliest settlers in the San Luis Valley.” Located at 29477 Highway 159, Fort Garland, Colorado.
Fort Vasquez Museum – “Visit the site of an 1835 fur-trading fort. You can follow the paths of founders Louis Vasquez and Andrew Sublette.” Located at 13412 U.S. Highway 85, Platteville, Colorado.
Georgetown Loop Historic Mining & Railroad Park – “An engineering marvel originally built in 1884. The railroad fulfilled the hopes of Georgetown citizens to become a prosperous settlement connected to Denver and points east.” Located 45 miles west of Denver on I-70, Exit #228.
Healy House Museum & Dextor Cabin – “Life in a mining town where miners made their fortunes overnight.” Located at 912 Harrison Avenue, Leadville, Colorado.
Trinidad History Museum – “Explore Trinidad’s past and its place in the American West at the Trinidad History Museum.” Located at 312 East Main, Trinidad, Colorado.
Ute Indian Museum – “Experience one of the most complete collections of Ute Indian artifacts in the nation.” Located at 12753 Chipeta Road, Montrose, Colorado.
​Make plans today to visit these Colorado Museums!