Gary Pattengale Shares Essential Year-End Tax Planning Tips on WGN Radio to Maximize Financial Outcomes
In a recent segment on WGN's "Your Money Matters" hosted by Jon Hansen, Gary Pattengale, a Wealth Advisor and Advanced Planning Specialist at Mesirow, shed light on vital year-end tax planning strategies tailored for individuals and families as we approach the end of 2026. Pattengale emphasized that timely tax planning offers an invaluable opportunity to influence financial outcomes positively as the year draws to a close.
Throughout the broadcast, Pattengale tackled several key topics that are particularly relevant this year. One such issue is the changes to charitable deduction regulations, which could affect how taxpayers approach their charitable giving. He urged listeners to carefully consider their giving strategies, especially in light of new deduction thresholds that might alter tax liabilities for both those who take the standard deduction and those who choose to itemize.
Moreover, Pattengale provided insights into the enhanced state and local tax (SALT) deduction limits available to numerous taxpayers, cautioning that higher earners might face income-based phaseouts that could impact their deductions. He reiterated the importance of forecasting tax scenarios well in advance to mitigate any unforeseen tax implications come April.
The conversation also explored specifics surrounding inherited Individual Retirement Accounts (IRAs). Pattengale detailed the rules governing distributions for non-spouse beneficiaries and the critical need to formulate a withdrawal strategy that aligns with long-term tax objectives. This discussion is especially pertinent for families anticipating an inheritance, as proper planning could lead to significant tax savings.
Additionally, Pattengale encouraged investors to reassess their 401(k) contributions as the end of the year approaches. For those eligible for catch-up contributions, this is a prime time to increase saving efforts to maximize retirement funds.
Pattengale also addressed families utilizing 529 college savings plans, reminding them of the importance of ensuring reimbursements for qualified education expenses are completed within the same calendar year as those expenses are incurred. This ensures compliance with regulations, helping families avoid potential penalties.
"September is an ideal time to focus on tax planning rather than merely tax preparation," Pattengale remarked during the segment. By reviewing elements such as charitable contributions, retirement savings, inherited accounts, and educational funding strategies now, individuals can enhance their decision-making power before year-end.
At Mesirow Wealth Management, the team adopts a holistic approach, integrating personal investment strategies with tax-aware methodologies, estate considerations, and other facets of long-term financial planning. This comprehensive perspective enables clients to navigate intricate financial landscapes with confidence and clarity.
Founded in 1937, Mesirow is a distinguished independent, employee-owned financial services firm based in Chicago. Committed to a personalized approach, Mesirow focuses on achieving financial goals while striving to foster social good within communities. With a broad range of services spanning private capital, capital markets, and advisory options, Mesirow is recognized as one of the Best Places to Work in Chicago multiple times by Crain’s Chicago Business and has earned a Top 100 RIA firm designation from Barron’s. For additional information on their offerings, visit mesirow.com/wealth.
Note: Mesirow does not provide legal or taxation advice. It's important for individuals to tailor their tax strategies according to their personal situations and seek guidance from qualified professionals when necessary.
Throughout the broadcast, Pattengale tackled several key topics that are particularly relevant this year. One such issue is the changes to charitable deduction regulations, which could affect how taxpayers approach their charitable giving. He urged listeners to carefully consider their giving strategies, especially in light of new deduction thresholds that might alter tax liabilities for both those who take the standard deduction and those who choose to itemize.
Moreover, Pattengale provided insights into the enhanced state and local tax (SALT) deduction limits available to numerous taxpayers, cautioning that higher earners might face income-based phaseouts that could impact their deductions. He reiterated the importance of forecasting tax scenarios well in advance to mitigate any unforeseen tax implications come April.
The conversation also explored specifics surrounding inherited Individual Retirement Accounts (IRAs). Pattengale detailed the rules governing distributions for non-spouse beneficiaries and the critical need to formulate a withdrawal strategy that aligns with long-term tax objectives. This discussion is especially pertinent for families anticipating an inheritance, as proper planning could lead to significant tax savings.
Additionally, Pattengale encouraged investors to reassess their 401(k) contributions as the end of the year approaches. For those eligible for catch-up contributions, this is a prime time to increase saving efforts to maximize retirement funds.
Pattengale also addressed families utilizing 529 college savings plans, reminding them of the importance of ensuring reimbursements for qualified education expenses are completed within the same calendar year as those expenses are incurred. This ensures compliance with regulations, helping families avoid potential penalties.
"September is an ideal time to focus on tax planning rather than merely tax preparation," Pattengale remarked during the segment. By reviewing elements such as charitable contributions, retirement savings, inherited accounts, and educational funding strategies now, individuals can enhance their decision-making power before year-end.
At Mesirow Wealth Management, the team adopts a holistic approach, integrating personal investment strategies with tax-aware methodologies, estate considerations, and other facets of long-term financial planning. This comprehensive perspective enables clients to navigate intricate financial landscapes with confidence and clarity.
Founded in 1937, Mesirow is a distinguished independent, employee-owned financial services firm based in Chicago. Committed to a personalized approach, Mesirow focuses on achieving financial goals while striving to foster social good within communities. With a broad range of services spanning private capital, capital markets, and advisory options, Mesirow is recognized as one of the Best Places to Work in Chicago multiple times by Crain’s Chicago Business and has earned a Top 100 RIA firm designation from Barron’s. For additional information on their offerings, visit mesirow.com/wealth.
Note: Mesirow does not provide legal or taxation advice. It's important for individuals to tailor their tax strategies according to their personal situations and seek guidance from qualified professionals when necessary.
Topics Financial Services & Investing）
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