Threats, Traps, and Tips for Tax Season

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Tax season is officially here for 2023 and while many of us will slowly ease into it, now is the time to start thinking about what you need to accomplish over the next few months.

In this episode, Don is going to help you prepare for tax season by explaining the key documents that you’ll want to be on the lookout for, highlighting the financial planning conversations you need to be having with your advisor, and sharing a few tips for finding the right CPA.

By taking you through these threats, traps, and tips for filing your taxes this year, you’ll be in a great position come April (or May). Plus, we’ll also talk about some of the tax planning opportunities that you don’t want to miss as you begin making decisions for the upcoming year.

Be sure to use the links below to give you even more tools heading into the 2023 tax season.

Here’s some of what we discuss in this episode:

  • A new tax deadline for 2023. [4:11]
  • The most common forms you’ll need to be on the lookout for. [7:37]
  • The top financial planning action points to be considering. [12:04]
  • What type of CPA would be the best fit for you? [17:28]
  • Be mindful of these two things when preparing taxes with a CPA. [20:17]
  • The most common missed tax planning opportunities. [23:13]

 

Additional resources to help you with tax season: 

Groundhog Day – https://www.cnn.com/2023/02/02/us/groundhog-day-punxsutawney-phil-2023-trnd/index.html

Tax forms for 2022 filing – https://www.fool.com/taxes/the-13-most-common-tax-forms/

Tax Forms for retirees – https://advancedretirementstrategies.com/retiree-tax-document-checklist-what-documents-do-i-need-to-file-taxes/

Key Filing dates for 2022 Tax season – https://www.usatoday.com/story/money/taxes/2023/01/09/irs-taxes-file-efile-2023/11018054002/

IRA contribution rules – https://www.kiplinger.com/retirement/retirement-plans/traditional-ira/603958/traditional-ira-contribution-limits-for-2022

 

If you have any questions about what we discussed in this episode, please reach out and we’d be happy to provide answers.

 

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ABOUT YOUR HOST...

Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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