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Tax Planning

As we are nearing the end of the 2022 tax filing season, I am sure you are thinking the same as most:

“How can I pay less next year?”

Of course, specific tax advice needs to come from a tax planning professional. Each person reading this will be different. That said, here are some basic strategies to look at this year.

Take advantage of all available deductions. Depending on your situation, itemizing deductions could generate more tax savings. If you itemize, you could also look at donating any appreciated assets. If you have a cause you care about and own a security with a high capital gain, you can donate that holding and deduct the fair market value, within some limitations.

Look at the higher savings incentives. IRAs, HSAs, and 529s have had some adjustments to contribution limits. 529s have had some other changes that make them more flexible too. It would be worth your time to evaluate how much you are saving and the purpose behind that savings. This could be a great way to reduce your taxable income.

Evaluate the tax efficiency of your investments. While many focus on the current, up-front return, it’s a better idea to look at the total return. For example, what investments you are holding and in which accounts can have a major impact. High levels of trading in a taxable account, for example, could be an area of needed adjustment.

Consider a Roth conversion. Here, you need to be careful. There is a lot of information online, including calculators. Just like you wouldn’t do an internet search to figure out how to operate on yourself, you also shouldn’t trust the internet for something as important as a Roth conversion. Talk to a professional who will work with your tax professional to ensure the process makes sense for you and how to do it correctly.

There are many other options and intricacies to each of them. If you have any questions about your situation, give us a call. We can work together with a tax planner to ensure you keep as much as possible of your hard-earned and saved money.

Source: Bill Good Marketing, Accessed 3/22/23



DISCLOSURE: Investment advisory services are offered through Gretchen Stangier, Inc. DBA Stangier Wealth Management (“Stangier Wealth Management”), an investment advisor registered with the U.S. Securities and Exchange Commission. Stangier Wealth Management only offers investment advisory services where it is appropriately registered or exempt from registration and only after clients have entered into an investment advisory agreement confirming the terms of engagement and have been provided copies of the firm’s ADV Part 2A brochure and Part 3 documents.

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