Why the end of the year is a great time to look over your finances

HARTFORD -- We're coming up on the end of the year, and it's a good time to look at your finances. Paul Schatz, President of Heritage Capital, stopped by FOX 61's Good Day Connecticut to talk about some tips. They include:

  • Defer as much income as you can to 2017
  • Accelerate deductible expenses
  • Increase retirement plan contributions
  • Increase charitable contributions
  • Realize net investment losses of $3000
  • Harvest tax losses
  • Don`t forget about required minimum distributions (RMDS)