It's About Time to Review Your Taxes

Posted by John Posey

Upon the conclusion of tax season, it’s a good time to identify planning opportunities (and spot potential issues) with your tax returns.

In particular, it would be wise to identify:

• If there was a change in your finances last year which may provide some new planning opportunities;
• Additional ways to reduce your tax liability for this year; and
• Possible omissions or mistakes in the tax return.

It is opportune to review your tax returns now because there is still time to address issues before next year and amend returns if needed.

Reviewing tax returns can be cumbersome given the many state and federal complexities and rules changing often. Tracking your exposure to various taxes (e.g., ordinary income tax, capital gains tax, the alternative minimum tax, the net investment income tax, etc.), and your rights to various credits and deductions requires some time and effort.

To assist you in reviewing your filings, we have a checklist for retired taxpayers [2022 Tax Return Checklist - Retired] and one for taxpayers who are still working [2022 Tax Return Checklist - Working]. Each checklist outlines nearly two dozen considerations to help guide you through your returns and circumstances. Below are some helpful referenced flowcharts should they apply to your situation. 

While the checklists can help you spot great ways to identify all the different opportunities to consider, we are available to discuss your finances and goals and identify what the best opportunities are for you.

Plains Advisory clients may upload tax returns for review to the Client Portal – [instructional video here]. Feel free to contact us to schedule a time to discuss this further.

 Flowchart Downloads

• Can I Make A Deductible IRA Contribution? – Year 2022 / Year 2023
• Can I Contribute to My Roth IRA? – Year 2022 / Year 2023
• Can I Make A Deductible Contribution to My HSA?
• Is the Distribution From My 529 Plan Subject to Federal Income Tax?

Advisory services offered through Plains Advisory LLC, an investment adviser registered with the State of Nebraska. Insurance products and services are offered and sold separately through John Posey, a licensed insurance agent. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.

Any information provided is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal, tax, financial or investing advice and cannot be used to avoid tax penalties or to promote, market, or recommend any plan or arrangement. Please note that Plains Advisory LLC does not give legal advice. You are encouraged to consult an attorney.