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2023 Tax Planning Guide

Personal Tax Considerations

The financiers are calculating personal taxes for their customers.

While it is important that you meet with your team of legal, tax and financial professionals regularly, there are several situations that automatically trigger the need for such a meeting.

  • It makes sense to work with your centers of influence to review your wills, trusts and other legal documents to make sure they continue to meet your needs.

  • IIt is also a good practice to check with your human resources department to ensure you withhold just enough from your income to pay next year's taxes.

  • You also might want to reexamine saving for college through a 529 plan.

  • Depending on your state, these plans expanded access to people who want to save for and withdraw up to $10,000 annually to pay for private and parochial school from kindergarten through high school.

    You can also bunch your full annual gift tax exemption for five years as a contribution to a 529 plan, but you can't make another gift to the same person during this time.

  • If you made money in a side gig, remember that you must report all the income even if you don't receive a 1099 statement for the amount. This form isn't required for annual earnings under $600, but taxes are still due.

Talk to your tax professional to get a complete list of what you will need for your next tax planning meeting.


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