Start Your 2023 Year End Tax Planning

October 11, 2023

Dear Clients and Friends:

Fall is upon us and soon the end of the year will be too. We strongly recommend that you start your 2023 year-end tax planning sooner rather than later. Without planning for taxes, you may miss potential tax benefits.

Here are a few tips to assist you in the planning process:

Maximize your retirement contributions.

Offset capital gains with capital losses.

If eligible, invest in HSAs.

Invest in 529 college savings plans.

Bunch itemized deductions such as charitable contributions and medical expenses.

Establish a filing system to gather tax documents and substantiate expenses.

Contact Bailey, Carr CPAs, P.C. if:

1. You have moved to another state.

2. Your marital status has changed.

3. Your dependents have changed.

4. Your income or deductions have changed substantially.

Properly planning for year-end taxes can assist in maximizing deductions, building your financial plan, and enhancing cash flow.

If you would like assistance in your year-end tax planning, please do not hesitate to reach out to us.

Best Regards,

Bailey, Carr CPAs, P.C.

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Disclaimer

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Bailey, Carr CPAs would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

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