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T 734.667.1415 F 734.259.3074
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Advisor Created

Tax Time: Three Lessons Learned

04.12.24
Markets & Investing
Advisor Created

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With tax season barely in the rearview, there’s no better time to reflect and consider how you can be better prepared when next year’s deadline rolls around. Certainly, there are lessons we can learn and things to be mindful of as we continue through 2024.

Tax takeaways for today and tomorrow

We wanted to share three considerations to help you set yourself up for future tax success.

Step up your recordkeeping. One of the most stressful aspects of doing your taxes is all of the hunting and gathering that usually happens just before you meet with your tax professional. Especially as your finances get more complex – growing investments, property acquisitions, an expanding family – compiling all of the appropriate documentation can be daunting. Setting aside a kitchen drawer to toss everything in throughout the year just doesn’t cut it anymore. Consider setting an hour aside on the first of every month (or any other date that works for you) to print documents, tally receipts and file any tax documents for the next year. It’s far easier to sort through one month’s worth of records (and file them then and there) than one year’s. You’ll thank yourself when April 15 rolls back around.
Document any life changes. Life happens and it usually affects your taxes. Think welcoming a new family member, a wedding or divorce, moving to a different state, changing jobs … they all affect your year-end tax planning. Share life changes with your professional advisors as they happen so you can plan for them accordingly next year. There might be some actions you can take while you still have months left in the year to counteract negative tax consequences. Moving is especially important to consider as some states have state income taxes, others don’t. And some states are high-income tax states and others low. Think about your family members’ life changes too – they may affect filing next year.
Manage your income and deductions. If you predict you’ll be in a higher tax bracket next year (that’s the hope, right?), then consider how you can accelerate income and postpone deductions come year-end. Any income you receive by December 31 counts as income for the current year, but there are ways to put off income to the next tax year and reduce your adjusted gross income this year. It could be as simple as selling assets at a gain, billing in advance or deferring deductions until next year. For example, you can send your invoices out a few days later in December to delay receiving payment until January. A little foresight here can add up to big tax savings.

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734.667.1415
Family Legacy Wealth Partners
843 Penniman Ave | Plymouth, MI 48170
F: 734.259.3074
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