What You Should be Doing NOW as Tax Day Closes in?

This month on the Thrive For[e]ward podcast we have two episodes downloading for you with some helpful content around taxes. I know it’s not a topic that is THRILLING  (and for most it can be stressful) but it’s necessary. We will break down the details to make it easy to understand and to hopefully not overwhelm you.

 

Did know that an estimated 52% of U.S. adults find the tax-filing process stressful, according to a just-released TaxSlayer survey. But a lot of that boils down to feeling unprepared and ill-equipped to handle their returns correctly. (Source: The Motley Fool)

 

At Forethought Planning, we are going to help you change that, by providing some ideas and suggestions to get you started now. The IRS has been experiencing delays, and returns are taking longer to process it’s just another reason to do things on the earlier side.

 

What can I do now before April 15th? **Note this year tax filing due to a federal holiday is April 18th.

 1.     Get yourself organized

  • Group tax documents by category

  • Spreadsheets to track charitable donations

  • Keep all documents together

  • Find last year’s return

     

2.     Understand what documents and information you need to have

  • 1099 forms

  • W-2

  • Estimated tax payments

  • Retirement plan contributions

  • Charitable contributions

  • Heath care expenses

  • Childcare expenses

  • Mortgage interest and property tax payments

  • Tuition and student loan interest payments

  • Moving or job search expenses

     

3.      Don’t wait until the last minute (allow yourself time)

  • You can start filing as early as January, 2022

     

4. Hire a tax professional or use software to help

  • Best for complex tax situations

  • Can identify tax breaks you might not be aware of

  • Lower error rates

     

As you work through your checklist you most likely will have questions such as:

  • What deductions can I take?

  • How much of charitable donations can I write off?

  • What credits might I be eligible for?  

     

I would suggest visiting IRS.gov which has a lot of resources and will reduce the amount of confusion you might have. There is even an interactive tax assist section of the site that will provide answers to several tax questions specific to your situation.

 

Now is a great time to get started and remember to just pace yourself so you are not waiting until the last minute. I hope you join us next week as we will be talking about what you need to consider this year going forward!  

 

Resouces:

·      12 Common Tax Write-Offs You Can Claim On Your Taxes

·      10 Easy Tips to Keep You Stress Free for Tax Season

 

If you are interested in learning more about Forethought Planning and how we can help you on your journey, please schedule an appointment to our complimentary 30 min Wealth Assessment session to learn more about how we incorporate these strategies and others to assist you through the financial planning process.

 

If you have a topic you would like us to explore on the podcast we want to hear from you. Please email us at [email protected] and in the meantime, we hope you continue to join us on this series and invite you to schedule an appointment to our complimentary 30 min Wealth Assessment session to learn more aout how we incorporate these strategies and other’s to assist you through the financial planning process.

No strategy assures success or protects against loss. Investing involves risk. Loss, including loss of principal, may occur.

Securities offered through LPL Financial, a member of FINRA/SIPC. Advisory services offered through Advisors’ Pride, a SEC registered investment advisor. LPL Financial, Advisors’ Pride, Forethought Planning and the guests of Thrive For[e]ward podcast are separate and unaffiliated parties. Any of the parties listed above are not affiliated with Forethought Planning, Advisor’s Pride, or LPL Financial. The views expressed here are those of the participants, and not those of Forethought Planning, Advisor’s Pride, or LPL financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. LPL Financial and Forethought Planning do not offer legal services.

Socially Responsible Investing (SRI) / Environmental Social Governance (ESG) investing has certain risks based on the fact that the criteria excludes securities of certain issues for non-financial reasons, and therefore, investors may forgo some market opportunities and the universe of investments available will be smaller.

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