top of page
Search
Writer's picturePaul Snamiska

Tax Avoidance



Tax Planning for 2023


Our first Table Talk blog for 2023 is very practical and will truly help you make good decisions that will also save you money. The topic is Tax Planning for 2023.


We each have three distinct recipients of our assets – people we care about; causes we care about; and the IRS. I expect we would all say that we want as much as possible going to the first two and as little as possible to the IRS. Good tax planning can help you accomplish that goal.


Since each individual is unique with their own financial situation, we can’t offer specific ideas in this blog, but here are a few general thoughts to share:


Contribute to retirement accounts – especially if you have a company match offered to you. You can reduce your tax burden and/or provide long-term benefits with this action.


  • Take advantage of Health Savings Accounts, Flexible Spending Accounts, and 529 Educational Accounts to reduce taxable income, put more money in your pocket and support your children or grandchildren.


  • Use appreciated assets for your charitable giving. This avoids capital gains taxes and doesn’t affect your current cash flow.


  • If you qualify, consider a Qualified Charitable Distribution from an IRA account.


  • Consider bunching your charitable donations over a two- or three-year period of time. This allows you to itemize deductions one year and claim the standard deduction in the other year(s).


  • Create a budget for your personal/family use during the year. Tracking expenses can be insightful and lead to big savings.


  • Regardless of your age, think about funding your retirement. Younger people can take advantage of investment growth over time and realize a great value when it is time to take those retirement distributions.


The best advice is to consult a professional financial planner and/or tax accountant who can offer personalized guidance. We encourage that because it’s your life, it’s your plan, and it’s your legacy.


149 views0 comments

Recent Posts

See All

Comments


bottom of page