Chris Wholehan, President
Wholehan Marketing

As I stated in my article back in October, most of us generally think of tax season as the first quarter of the year as we all prepare to file our taxes by April 15.  However, filing our taxes in the first quarter of the year is generally nothing more than looking backward at the previous tax year and coming to the realization of what we did do, what we didn’t do, and what we should have done in our finances as it relates to our taxes for the previous year.  Generally speaking, it is too late to do anything that we realize we should have done for the prior tax year when we look at it in first quarter of the new year as we start to address our taxes.  So as you and your clients finish filing your taxes this month, start making moves now that will impact your taxes in 2024.  Deductions for things like Long-Term Care Insurance premiums, Health Insurance premiums and expenses, Qualified investment contributions, etc. can generally only be taken on tax returns for the year they were actually written.  Required Minimum Distributions (RMD’s) need to be addressed by year-end.  LIRP and other Life Insurance plans (like Key-Person and Executive Bonus Plans) need to be funded before year-end.  Now is the time to look ahead and to address most of these issues and help clients make the financial moves this year that will help save them tax dollars next year as they prepare their taxes.  Contact the experts at Wholehan marketing and let’s take a look now at your clients’ income, deductions, and potential moves they can make this year to help better their financial position before year end, and realize the tax benefits when the “typical” tax season begins.