Getting Ahead of Tax Filing Season
Tax season will begin very soon, and with that comes preparation and headaches. To get ahead of this, there are a few things to know when it comes to filing your returns.
First things first, the deadline to file your 2023 personal tax return or an extension, is April 18th, 2023.
There are still opportunities to reduce your 2022 tax bills if you have not done so already. These methods include contributing to a Health Savings Account (HSA), assuming you already are enrolled in a health insurance plan. Further, contributing to an IRA will reduce your annual gross income. You have until the tax filing deadline to make contributions to your HSA and IRA for the previous year.
Now is the time to consult with your CPA and gather all your tax documents, such as W-2s and 1099s. This will give you and your CPA a full picture of what needs to be completed. Our team is dedicated to understanding the complete financial picture of our clients, including tax matters. Please reach out to one of our professionals with any questions.
* Any opinions are those of the author and not necessarily those of Raymond James. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected.
* While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of Raymond James, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.
Contributions to a traditional IRA may be tax-deductible depending on the taxpayer's income, tax-filing status, and other factors.
HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Most states recognize HSA funds as tax-free with very few exceptions. but please consult a tax advisor regarding your state's specific rules. Investments available to HSA holders are subject to risk, including the possible loss of the principal invested and are not federally insured or guaranteed, HSA holders making investment should review the applicable fund's prospectus. Investment options and thresholds may vary and are subject to change.
