It’s hard to believe it. But the calendar doesn’t lie (I don’t think), and we are now into the 4th quarter of 2023.

So, time for tax planning. There’s still time to make meaningful adjustments to your tax plan, and we encourage all of you to consult with your financial advisor, tax attorney, virtual CFO, or other trusted business advisor, to ensure you hold onto as much of your hard-earned money as the law (and the tax code) allows.

Some questions you may want to ask:

• Itemize, or take the standard deduction? If the former, have all your receipts to hand to include in your plan.
• Am I maximizing my opportunities for retirement savings/deferred taxation? If you are not making the maximum allowable contribution(s) to your retirement plan(s), that’s an opportunity to save on your taxes you’re missing out on.
• Am I making the most intelligent choices when it comes to my charitable giving? You may want to explore various giving scenarios so that you can support the causes you care about while better protecting your non-charitably-dedicated assets for other purposes.
• Am I eligible for any federal or state tax credits? And, if so, is it worth your while to make use of them?
• Can I take a home office deduction? If you work significant hours from your home, and have a dedicated office set up for the purpose, the answer might be yes.
• Is this the year I should convert my traditional IRA to a Roth? If you are wondering about a Roth conversion, it’s time to think about making a decision – unless Congress takes action, tax rates are set to rise as of January 1, 2026 (and even if Congress acts, it might be to raise rates sooner than that), making such conversions more costly. And, with the market down, at current rates, you may be able to convert the same number of shares at a lower cost than you would have been a couple of years ago.
• What deductions am I missing? Because there are almost always at least one or two you haven’t thought of.

Once again, we strongly urge our clients and all our friends to consult with us, or your most trusted advisor on your tax planning, this and every year. At RFG, we pride ourselves on proactively positioning our clients to take advantage of every provision of the tax code favorable to them.

What steps are you taking to protect your earnings?

If you would like to update your tax plan, please click here to email us directly – we are here to help you!

Until next time –

Peace,

Eric