Tag: Charitable Giving
Year-End Financial Planning with Andy Graffeo (Ep. 36)

Year-End Financial Planning with Andy Graffeo (Ep. 36)

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Join host Jim Sumpter, CFP®, and his returning guest, CMC Financial’s Vice President, Andy Graffeo, AFSP, as they take you through essential year-end financial planning strategies using their six-piece playbook. They cover key topics like maximizing 401(k) contributions, Roth conversions, required minimum distributions, charitable giving, education planning, and energy tax credits.

Throughout the episode, Jim and Andy stress proactive planning, highlighting that working closely with trusted financial professionals before year-end ensures that key actions are completed in time to optimize tax savings, protect assets, and align financial decisions with personal and family goals.

Key takeaways include:

  • How to make the most of 529 plan contributions and education tax credits
  • Portfolio rebalancing, wash sale rules, and offsetting capital gains
  • Roth conversions, inherited IRAs, and required minimum distributions (RMDs)
  • Maximizing 401(k) and HSA contributions before year-end
  • Charitable giving, home energy credits, and proactive tax planning
  • Reviewing beneficiaries, gifting rules, and digital assets before December 31
  • And more

Previous Episodes of Interest:

Connect with Jim Sumpter: 

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About Our Guest:

Andy began his career with RFG in 2003 and brings decades of hands-on experience in tax and financial planning, with a focus on supporting families and small business owners. A proud Birmingham native, he attended Ensley High School and later earned his degree from the University of Alabama at Birmingham (UAB).

Growing up, Andy spent much of his youth working in his family’s grocery stores, where he quickly took on the responsibility of managing many of the financial operations. It was during these early years that he developed a deep appreciation for the value of hard work and financial stewardship. As the retail landscape evolved, Andy saw the future with clarity—recognizing the opportunity to use his skills in a new way. That foresight inspired him to pivot into financial services, where he could make a meaningful difference in the lives of local families and business owners.

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Understanding Tax Deductions for Charitable Contributions with Andy Graffeo (Ep. 15)

Understanding Tax Deductions for Charitable Contributions with Andy Graffeo (Ep. 15)

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Are you aware of how charitable contributions can impact your taxable income this year?

In this episode, Jim Sumpter, CFP®, brings Andy Graffeo, Financial Advisor at CMC Financial, on to piece together the tricky puzzle of end-of-year tax planning with a special focus on charitable contributions. Andy, a key partner at CMC Financial, lends his tax expertise to help listeners navigate this often confusing landscape. Together, they shed light on how to maximize tax deductions while doing good.

Jim and Andy discuss: 

  • (01:52) Understanding donations to reputable 501(c)(3) organizations and the documentation required for cash and non-cash contributions
  • (04:09) Best practices for assessing fair market value for non-cash items and the steps necessary for high-value donations, including vehicles
  • (13:20) The intricacies of charitable strategies involving appreciated assets, donor-advised funds, and charitable trusts
  • (17:52) Key insights into Qualified Charitable Distributions (QCDs) for those over 70½, highlighting the tax benefits of direct donations from IRAs
  • And more

This episode is packed with practical advice and insider knowledge to make your charitable giving both rewarding and tax-savvy.

Resources:

Connect with Jim Sumpter: 

Connect with Andy Graffeo: 

About our Guest: 

Andy Graffeo began his career with RFG in 2003. He has years of experience in tax and financial planning for families and small businesses. As a Birmingham native, he attended Ensley High and UAB. Andy is a board member of the Birmingham Girls Choir, Italian American Heritage Society, and serves as Treasurer of his HOA in Hoover.

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