Is it Time to Fire Your Financial Advisor?
December 19, 2022Amy Greene LoCascio gives advice on preparing ahead of the 2023 tax season.
March 22, 2023INSIGHTS
4 Steps to take now before Tax Day
- Make sure that your Financial Advisor and Accountant are in communication with each other.
If they are not, you might be missing out on things like loss-harvesting, charitable deductions, and more. It could be as simple as letting your financial advisor know about your tax expectations. Or vise versa. - Hurry and max out all of the annual contributions.
HSA, IRA contributions, to name a few. Luckily, with an IRA, you have until April 18th, 2023 to make a contribution for 2022. For 2022, you may contribute up to $6,000 ($7,000 if you’re 50 or older) to a traditional or Roth IRA. You’ll want to confirm with your investment advisor or tax accountant that you meet the income qualifications to contribute. - Did you change jobs last year? Have a major life change?
Changing jobs, for instance, means you are most likely expecting an additional tax document, but, have you tidied up your benefits from your old job? Did you rollover an IRA from your prior employer? If not, you’ll want to speak with your financial advisor ASAP to make a plan for your funds. Hopefully, you didn’t cash it out, but if you did, you’ll want to make sure you receive your tax document for the distribution. Luckily, you have options to make up for this shortfall – as we mentioned in #2, you can still max out all IRA or Roth contributions for the previous year. In regard to a major life change such as marriage or divorce, you might now be responsible for a new mortgage or other shared debt. - Do a quick review of your investment goals and plan ahead of major life changes in the coming year.
The beginning of the year is a great time to do a quick review of your financial and investment goals. Whether you’ve accumulated some extra debt, or you’re expecting a raise, you might need to make some small tweaks to your long-term financial plan. Not to mention, you could also review risk tolerance, expected retirement date, future income needs, philanthropic wishes, education expenses, future large purchases, and more.
"Have further questions? We are here to help you navigate your finances through tax season and beyond. Feel free to reach out with questions or to have a conversation.
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