Investor Minute

Checklist: It’s time to review your taxes: Retiree Version (check last week’s post here to see the Worker’s Version)

During the months of March and April, we want to help you identify planning opportunities (and spot potential issues) with your tax returns.

If we work together now, we can help identify…

If there was a change in your finances last year and you are paying excess estimated taxes;
Additional ways to reduce your tax liability for this year; and
Possible omissions or mistakes made by the tax preparer.

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

Reviewing tax returns can be daunting and difficult given the many state and federal complexities and often changing rules. 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 time and effort.

To assist you in reviewing your filings, we have a checklist for taxpayers who are still working (click here to see that post) and one for taxpayers who are retired. Click here to access the Retiree’s Version of the checklist. Each checklist outlines nearly two dozen considerations to help guide you through your returns and circumstances.

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

Please contact us today to schedule a time to discuss this further by clicking this calendar link.