Tax Planning Checklist

Tax Planning

Tax planning can come in handy when you’re trying to reduce your biggest annual expense. Spending a little time upfront can pay off big time. Plus, every year is a little (or a lot!) different and the continuous rule changes are not going away any time soon.

Now that tax day has come and gone, its a good time to reflect on what you would have changed about your 2012 taxes. Here are a couple of moves to consider for your 2013 tax planning.

  • Will you have any major changes next year?
  • Did you accurately track all un-reimbursed employee expenses?
  •  Did you save records of all charitable expenses? Including mileage?
  •  Are you taking full advantage of employee matches?
  •  Did you use your FSA/HSA to your full advantage?
  •  Are you taking advantage of your state’s 529 plan? Louisiana’s plan offers state tax breaks and even a match!
  •  Do you need adjust your withholdings so that you aren’t lending Uncle Sam money all year for free?
  •  Did you maximize your qualified contributions?
  •  Are you saving at least 10% of your family’s gross income?
  •  Did you maximize you capital gains? Short term and long term?
  •  Was your portfolio allocated tax efficiently among the different types of accounts?

Thinking about taxes more than once a year can help makes sure you’re covering all your bases. Everyone has a unique, individual tax situation and it’s dynamic. Don’t feel like you have to master tax planning on your own.  Give us a call if you’d like to discuss your personal circumstances in further detail.