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Tax year 2022 is coming to a close – a few thoughts

As 2022 comes to a close, the last thing most of us want to think about is our tax return.  However, a little planning can go a long way towards making your 2022 tax filing a successful one.  Some things to think about:

– Maximize your employer sponsored retirement account contributions. If certain criteria are met, individuals can contribute to an IRA up until Tax Day 2023 to reduce their taxable income. However, contributions to employer sponsored retirement plans must be made by the end of the calendar year. In 2022, the maximum contribution for 401(k)s and similar plans is $20,500 ($27,000 if age 50 or older).

– Maximize contributions to your employer sponsored Health Savings Account. Contributions to these type accounts are made pre-tax and can be used to pay for most medical expenses.

– Begin thinking about the records you may need for the preparation of your return. Your income related documents. If the income you report does not match the IRS’s records, you could face problems down the road. Remember to include any 1099’s, Social Security statements, W-2’s, and brokerage statements; A good place to start is to look at what you reported on your prior year return. Another option is to request a Wage and Income transcript directly from the IRS.

– Taxpayers who either purchased or sold a home in 2022; make sure you have your closing paperwork as many of the transactions will affect your return.

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