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2023 End of Year Tax Planning Checklist

As the year draws to a close, we must make tax-aware decisions before the ball drops and we hit our tax deadline for 2023.  A few annual items to review include reviewing qualified plan contributions, annual gifting and gifting deadlines, and tax bracket management.  Then, we have an assortment of one-offs or end-of-year planning items specific to 2023. Gifts: Many folks give end-of-year cash gifts during the holiday season; while this can be a great way to give gifts, monitor when these gifts are cashed, and coordinate the gift giving as needed.  We have received somewhat surprising guidance from the IRS that...

When is the right time to itemize your taxes?

Tax season can be a daunting time for many individuals, filled with confusing forms, numbers, and decisions to make. One of the critical decisions taxpayers face is whether to file with itemized deductions or opt for the standard deduction. Understanding the differences between these two approaches is crucial for anyone looking to minimize their tax liability and make informed financial decisions. In this blog, we'll explore the distinctions between Itemizing Deductions and the Standard Deduction, so that you can choose the most advantageous filing method for your tax reality. Background: Mass income taxation was introduced during World War Two when the US...

Tax Planning vs Prepping

Taxes tend to be synonymous with discomfort.  Whether we are worried about paying too much, too little, or filing the right forms; tax season brings with it a bevy of headaches.  The U.S tax code is increasing in complexity and the constant “legislative updates” and “tax code simplifications” always seem to do more harm than good.  With these concerns, clients often struggle to navigate the tax code and as a result reach out to friends, mentors, and professionals for tax advice.  Most often, this culminates in either tax preparation services or tax planning. While the two may sound similar, they differ...