BLURRED SEASONS

We can see with the weather patterns around the country there seems to be no exact change of the seasons. There seems to be more of a blurring of the seasons into one another. This appears to hold true for Tax Seasons.

While tax filing season officially closed for most of the country on April 18th. It did not seem as if the tax filing season ended, it merely blurred into tax planning season. As we have learned from all the unexpected things that have occurred, it is never too early to begin planning for the next tax filing time.

Adjustments or changes made now can have major effects on your 2023 tax filing. Whether it is changing your withholding, contributing more to your retirement, increasing or starting a HSA account to increasing your charitable contributions. There are big and small changes you can make to your circumstances that could result in tax savings.

There is also the availability of tax credits, such as the Energy-efficient home improvement credit, Residential clean energy credit, the kitchen updates credit, New and Used Clean Vehicle Credit. These are credits for making energy efficient improvements to your primary residence, or the purchase of a new or used EV vehicle.

Tax Professionals are always willing to discuss tax planning strategies with you. Do not hesitate to contact a tax professional for help. We at AM Income Tax offer tax planning help via our Tax Tune Up (TTU) and Tax Insight Review (TIR). These packages offer either a quick tax checkup (TIR) or an in-depth tax analysis (TTU) of your tax situation. For as my Aunt Myrtle used to say about never being afraid to ask questions, “A closed mouth does not get fed”.