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Client Update Newsletter: January 2023

It's tax time! In the next couple of weeks you will be inundated with W-2s and various informational tax forms like 1099s. By paying attention to them, ensuring their accuracy, and that you are getting them all, you will be miles ahead in getting your tax return done. Spend a minute reviewing ways to get your tax information organized. Then consider some alternatives to the traditional new year's resolution craze.

All this plus new inflation adjustments are providing a retirement contribution opportunity for those who plan, plus ideas on resolving common financial surprises that will take the sting out of most of them.

As always, feel free to reach out with any question or comments.

Contents

It's Tax Time! Tips to Get Organized

Its Tax Time Tips to Get Organized imageThe beginning of a new year brings the need to recap the previous one for Uncle Sam. Here are some tips and a checklist to help get you organized.

If you aren't sure whether something is important for tax purposes, retain the documentation. It is better to save unnecessary documentation than to later wish you had the document to support your deduction.

With proper organization, your tax filing experience can be timely and uneventful.


Alternative Ideas to New Year's Resolutions

Alternative Ideas to New Years Resolutions imageIt’s that time again when everyone has high hopes for how they are going to better themselves during the new year. The traditional way many people set goals, however, doesn't seem to be working! According to The Economic Times, only 16 percent of people follow through with New Year's resolutions. Here are seven alternatives to the traditional New Year’s resolutions that could help you in 2023.


Plan Your Retirement Savings Goals for 2023

A big jump in cost-of-living calculations means a big jump in how much you can contribute to retirement accounts in 2023! Now is the time to plan your retirement contributions to take full advantage of this tax benefit. Here are annual contribution limits for several of the more popular retirement plans:

Plan Your Retirement Savings Goals for 2023 image

What you can do

The best way to take advantage of increases in annual contribution limits is to start early in the year. The sooner, the better.


Correcting Common Financial Mistakes

You’re working at the office, getting stuff done around the house, or hanging out with family when — wham! — a phone call, email or text alerts you that something happened with your finances. When a not-so-nice financial event hits, don’t let it take you down. Here are some common miscues and steps to remedy each situation:

Remember that mistakes happen. When they do, stay calm and walk through correcting the situation as soon as possible.



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