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February 23, 2023 | Financial Planning
Every year the IRS releases new information on tax brackets, retirement savings limits, deductions or credits, and other key tax rules – all of which is applicable for the next tax year, yet necessary to know now to incorporate the appropriate strategies into your financial plan.
On top of IRS rules, recent legislation (the Inflation Reduction Act, the Secure Act 2.0, and the Tax Cuts and Jobs Act anticipated sunset in 2025) incorporates new guidelines and presents their own unique planning strategies.
If it sounds like a lot of information, that’s because it is. Don’t fret though, during our recent webinar, Tax Updates & Planning Considerations for 2023, members of our Advisory Services team went into detail on all the updates to keep you informed. We encourage you to watch the on-demand replay to get all the information, but in the meantime, here are some of the highlights.
Tax laws are considered favorable right now given the change in the market and economic environment over the last year. The key takeaway here is that there have been massive changes to the tax code to review with your advisor and accountant. As well as new opportunities from recent legislation changes such as:
There are several changes to note regarding cost-of-living adjustments, changes to savings limits, deductions and credits, and decreased Medicare costs.
Overall, these changes reflect the current economic environment with many areas seeing increases. For example, a large cost-of-living adjustment (COLA) for Social Security was announced and provides relief to those on a fixed budget to help manage the current high inflationary environment.
A key takeaway is that planning is essential. Between new rules, old ones sunsetting and the fact that everyone’s situation is unique, working with the right professional will set you on the path to success while potentially incorporating these planning tips into your plan:
We offer a comprehensive Tax & Wealth Planning Guide that covers key facts, figures, tips and tricks, and strategies to optimize your tax plan for the year. When downloaded, get access to our Quick Reference Guides for 2022 and 2023 that summarize the information you need for taxes, Social Security, and Medicare on just one page.
This nearly 60-page guide covers everything from key facts and figures to tips, tricks, and strategies to optimize your tax plan for this year. Download your complimentary copy and get the information you need to make this your most efficient tax year yet.
Download your free copyTaxes bring a slew of questions with them, especially when rules and regulations are always changing. To help in your journey, here are common questions we’re receiving from clients like you.
April 15th (or April 18th for 2023) isn’t the only important tax date. The reality is that the tax process never stops. Here’s an overview of notable tax dates to know.
Here are the important dates in 2023 to add to your calendar:
January 23: The IRS began accepting tax returns
January 31: Deadline for W-2 and most standalone 1099 forms
February 15: Deadline for consolidated 1099 statements that include 1099-B for sales in a brokerage account
March 15: Deadline for consolidated 1099 statements for accounts holding certain investments, corporate tax returns (Form 1120), most partnership tax returns (Form 1065)
April 18: 2022 deadline to file or request an extension for most filers; Last day for 2022 retirement contributions without an extension; 2023 first-quarter estimated tax payments due
May 31: Deadline for Form 5498s (retirement account contributions)
June 15: U.S. citizens living abroad filing deadline; Second-quarter estimated tax payments due
September 15: Third-quarter estimated tax payments due; Final extended deadline for estate, trust, & corporate tax returns
October 16: Final extended deadline to file individual 2022 tax returns; Final deadline to fund a SEP-IRA or solo 401(k) for 2022
We warned you that it was a lot of information – if at any point of your financial and tax planning journey you need help, then we’re here. Simply schedule a call and we’ll connect you with the right team to assist.
Please consult with an attorney or a tax or financial advisor regarding your specific legal, tax, estate planning, or financial situation. The information in this article is not intended as legal or tax advice.
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