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Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

  • Writer's pictureKage Rush

End-of-year items that will prepare you for filing your 2023 taxes

Updated: Oct 3, 2023

As we head into Fall Weather, Football, Halloween, and the holidays, we are getting close to the 2023 Tax Filing Season. As this time of year seems to fly by, we at Whitaker-Myers want to ensure you are as financially prepared as possible. Within the Whitaker-Myers Group, we have an extension focusing primarily on tax advisory services. This article will discuss some items to review before year-end to prepare for a smooth, stress-free 2023 tax filing season.


Reviewing Pay Stubs

It is important to review paystubs to ensure proper withholding at work. Significant pay increases or changes to dependents can affect your tax withholding and cause you to under-withhold at work. Under-withholding at work can lead to surprise tax bills when it comes time to file in 2024 and can put households under unnecessary stress. I recommend consulting with a tax preparer to verify if you still qualify for the child tax credit or other credits you have previously claimed. By taking these steps – you can catch the under-withholding early and start planning how to fix the withholding before the tax filing.


Reviewing Contributions

Another essential year-end tax item to review is contributions to your retirement accounts (Roth IRA, Traditional IRA, 401(k)s, etc.). You want to ensure your retirement contributions to a Roth IRA are still allowed under normal circumstances. If your income in 2023 is above $218,000 for married filing jointly or $138,000 for single, your allowable contribution to a Roth IRA starts to be reduced. It is completely phased out at $228,000 for married filing jointly or $153,000 for single. If you end up over-contributing to a Roth because of income limits, detecting this early can help your Financial Advisor and tax preparer rectify the problem before filing the tax return. Failing to watch this can result in interest and penalties by the IRS. If you are contributing to a 401(k) – You can review your contributions to see how close you are to maxing out your contributions if you want to take advantage of that.


New Financial Situations

The most important item on this list is to discuss any abnormal financial situations with your preparer before year-end. Financial situations that can be considered abnormal can be selling your home, having any debt forgiven, starting a small business, investing in rental properties, opening up new investment accounts (IRAs, brokerage accounts, or money market), and receiving proceeds related to an inheritance. These financial situations can lead to new filing requirements with your tax return that you may not have had in any previous tax year. Meet with a tax advisor, and they can clarify for you what items they need to report the transaction properly on your tax return and help you plan for the tax ramifications of the transaction.


Setting yourself up for a successful tax-filling

Doing the above items will make you more informed about your financial situation and help you prepare for a smooth tax filing season. At Whitaker-Myers Tax Advisors, we pride ourselves on being there for all of our client’s tax questions and giving them peace of mind when navigating the complex tax environment. If you would like to schedule a tax consultation with CPA Kage Rush, please don’t hesitate to contact your financial advisor at Whitaker-Myers Wealth Managers or email Kage directly to schedule a meeting.

Comments


Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

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