It’s the Most Wonderful Time of the Year

Season’s Greetings from our team! With the holiday season in full swing and the financial year sprinting to a close, we want to pause, catch our breath and take a moment to reflect on this joyful time before it passes us by. We value our relationship with our clients, and we wish them and their families peace and happiness now and in the coming new year.

This festive time is also a critical period for year-end financial planning—an ideal opportunity to finalize strategies that reduce tax obligations, optimize retirement contributions, and position your business or household for a prosperous new year. In this month’s edition of SmartTips, we’ll explore practical tips and strategies to wrap up your financial year with confidence.

We’re making plenty of room for fun, too, with features on modern tree decorating, cookie recipes (below) and even a touch of elf trivia in this month’s “Fact Funhouse.”

From all of us, we wish you happy holidays, whatever tradition you celebrate. Here are some commonly observed dates in the U.S. and around the world…

Christmas, December 25

The annual observance of the Nativity is celebrated the world over by Christian communities. A publicly observed holiday in more than 160 countries worldwide, Christmas is celebrated on December 25 in much of the western world, but eastern countries with large populations of Orthodox Christians celebrate on January 7, according to the Julian calendar.

Hanukkah, December 25 – January 2

The eight-day Jewish festival of lights commemorates the rededication of the temple in Jerusalem. The dates of observance are based on the Hebrew calendar and vary generally from late November to late December.

Kwanzaa, December 26 – January 1

This weeklong secular celebration honors African heritage and culture, emphasizing community and family values through seven principles known as Nguzo Saba: Unity, self-determination, collective work and responsibility, cooperative economics, purpose, creativity and faith.

(And for something completely different) Festivus, December 23

Remember that crazy episode of Seinfeld where Frank Costanza rebels against Christmas consumerism by creating his own winter holiday? Well, since that must-see Thursday night in 1997, Festivus has taken on a life of its own and is now celebrated with events ranging from pub crawls and parties to amateur athletic games. Mark your calendar and let the airing of grievances begin! (IYKYK)

And now, on to business…

December Tax Deadlines

The end of the calendar year brings a couple of important deadlines, as well as the usual monthly cadence. Here are dates to remember:

December 10: All tips must be reported to employers using form 4070
December 31: The deadline for making contributions to employer-sponsored retirement plans for 2025, such as 401(k), 403(b), 457 or federal thrift savings plans
December 31: The deadline for Required minimum distribution (RMD) by individuals who are 74 or older at the end of 2025

2024 IRS Changes

The IRS regularly updates rules and guidance that impact individuals and businesses, especially regarding taxes and retirement savings. We’ve summarized key info for you to give you a leg up in your year-end planning. Get the details on these 2024 changes and how they might impact you in our latest blog post.

Now, for all you holiday cookie monsters out there…

Here are a couple of unique, European-inspired recipes for Christmas cookies that break away from the common sugar cookie varieties we’re accustomed to this time of year. Try them and add some flair to your party table this season!

Cuccidati (Italian Fig Cookies)

Ingredients
For the Dough:

• 3 cups all-purpose flour
• 1/2 cup granulated sugar
• 1 cup unsalted butter, softened
• 1 large egg
• 1 teaspoon vanilla extract
• 1/2 teaspoon baking powder
• 1/2 teaspoon salt

• For the Filling:
• 2 cups dried figs, chopped
• 1/2 cup toasted almonds, chopped
• 1/4 cup dark chocolate, finely chopped
• 1 teaspoon cinnamon
• Zest of 1 orange
• 1 tablespoon orange juice

• For the Glaze:
• 1 cup confectioners’ sugar
• 2 tablespoons milk
• Rainbow sprinkles (for decoration)

Instructions

1. Prepare the Dough: In a large bowl, cream together the butter and sugar until light and fluffy. Beat in the egg and vanilla. In another bowl, combine flour, baking powder, and salt. Gradually add the dry ingredients to the wet mixture to form the dough. Wrap in plastic wrap and refrigerate for at least an hour.
2. Make the Filling: In a small saucepan over low heat, combine figs, almonds, dark chocolate, cinnamon, orange zest, and orange juice. Cook until the mixture is warm and combined. Allow to cool.
3. Assemble Cookies: Preheat your oven to 350°F (175°C). Roll out the dough on a floured surface to about 1/8 inch thick. Cut into rectangles (about 3×4 inches). Place a spoonful of filling on one half of each rectangle, fold over, and seal the edges with a fork.
4. Bake: Place cookies on a lined baking sheet and bake for about 15 minutes or until lightly golden.
5. Glaze and Decorate: Mix confectioners’ sugar with milk to create a glaze. Drizzle over cooled cookies and sprinkle with rainbow sprinkles.

Chocolate Orange Cookies

Ingredients

• 1 cup unsalted butter, softened
• 3/4 cup granulated sugar
• 3/4 cup brown sugar, packed
• 2 large eggs
• Zest of 1 orange
• 1/4 cup fresh orange juice
• 2 teaspoons vanilla extract
• 2 cups all-purpose flour
• 1 teaspoon baking soda
• 1/2 teaspoon salt
• 1 cup dark chocolate chips

Instructions

1. Cream Butter and Sugars: In a large mixing bowl, beat together the softened butter, granulated sugar, and brown sugar until creamy. Add eggs one at a time, mixing well after each addition.
2. Add Flavorings: Stir in orange zest, orange juice, and vanilla extract until well combined.
3. Combine Dry Ingredients: In another bowl, whisk together flour, baking soda, and salt. Gradually add to the wet mixture until just combined. Fold in the chocolate chips.
4. Shape Cookies: Preheat your oven to 350°F (175°C) and line baking sheets with parchment paper. Drop spoonfuls of dough onto prepared sheets.
5. Bake Cookies: Bake for about 10–12 minutes or until edges are golden but centers remain soft. Let cool on sheets for a few minutes before transferring to wire racks.

These two uncommon cookie recipes not only bring festive flavors but also add variety to your holiday cookie platter. Enjoy—and merry Christmas and happy holidays from our team!