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Monthly Insights – March 2023
Edelman Financial Engines
March 1, 2023


TAKE CONTROL: TAX-SMART STRATEGIES FOR TURBULENT TIMES


BUT YOU’VE GOT TO ACT BEFORE THE FILING DEADLINE.

2022 was a year of inflation, volatility, war, and above all, uncertainty. And
you might be wondering: Will 2023 be better or worse? Though your concerns are
warranted, it makes more sense to focus on what you can control now – which
includes maximizing your tax deductions for 2022.

Your tax liabilities for 2022 are not set in stone just because the year has
ended. Between Jan. 1 and April 18, you can still affect your previous year’s
tax return if you remember two words: comprehensive and contributions.

GET YOUR DUCKS IN A ROW

“As you prepare for the 2022 tax season, the more comprehensive you are in
identifying and organizing your tax documents for your Certified Public
Accountant, if you have one, the better they will be able to use them to your
advantage,” says Clay Ernst, executive director, financial planning at Edelman
Financial Engines.



“It’s also important to be comprehensive in disclosing anything you think will
be material for calculating your returns,” says Ernst. “For example, be sure to
tell your CPA whether you made any Qualified Charitable Distributions. These are
not reported on tax documents provided by your custodian, so unless you report
them to the IRS, you won’t get the tax savings.”

“The more information you provide your tax professional, the more options they
can consider for lowering your taxes,” Ernst adds. “For example, although it is
generally better for married couples to file jointly, there are some unique
circumstances in which filing separately may be more advantageous. But your CPA
might not consider that unless they have the info that suggests so.”

Ernst adds that this is also a good time to inform your financial advisor and/or
your CPA, if you have one, if you expect any significant changes in your
circumstances in the new year, such as a new job, retirement, a windfall or
inheritance, plans to sell or buy a house and so on.

“These and other changes may present financial or tax planning opportunities,”
he says.

CONTRIBUTE BEFORE APRIL 18

Another way you may be able to change your tax liabilities for 2022 is to make
contributions to a Health Savings Account until the tax filing deadline.

“If it’s an option under your employer’s health insurance plan, you can also
contribute to a Health Savings Account up until April 18,” says Rich Lahijani, a
director, tax advisory and planning at Edelman Financial Engines. “HSAs offer
triple tax benefits – tax deduction on the contributions, no tax on the growth
and generally no tax on the distributions – and can be powerful retirement
saving tools, especially if you have enough cash flow to cover your
out-of-pocket annual medical expenses.”

UNIQUE OPPORTUNITIES FOR BUSINESS OWNERS

While you may be employed by a larger firm, perhaps your spouse runs his or her
own business. In this case, Ernst suggests he or she may consider opening and
funding a Simplified Employee Pension IRA.

“From a tax standpoint, contributions to a SEP-IRA are treated the same as
contributions to a regular IRA,” says Ernst. “The advantage is that with a SEP,
you have much higher limits. For 2022, that can be up to 25% of your annual
compensation or $61,000, whichever is lower. In addition, if you file an
extension on your taxes, that extension applies to your SEP contributions, which
means you would have until Oct. 16 of this year to make your contributions for
2022.”

Lahijani also points out that there are unique credits and deductions that
business owners may be able to take advantage of.

“If you’re a small-business owner who was affected by the Covid-19 pandemic,
mandates and supply chain issues in 2020 and 2021, make sure you haven’t left
money on the table with the Employee Retention Credit, which is different than a
Paycheck Protection Program loan,” he says. “There’s still a window to claim the
credit, which could be material.”

We hope this article gave you helpful tax information to consider.

Remember, if you have any questions, contact an Edelman Financial Engines
advisor at (855) 224-1379, weekdays from 9 a.m. to 9 p.m. ET. We’re here for
you.

 Neither Edelman Financial Engines nor its affiliates offer tax or legal advice.
Interested parties are strongly encouraged to seek advice from qualified tax
and/or legal experts regarding the best options for your particular
circumstances. Tax strategies are just one aspect of your overall financial
plan.

This content is for informational and educational purposes only and does not
constitute an offer, solicitation, or advertisement with respect to the purchase
or sale of any security. The information contained in this article is not
intended to be used as a source of any specific investment recommendation, and
individuals should not make any investment decision based solely on the article

© 2023 EDELMAN FINANCIAL ENGINES, LLC. THIS PUBLICATION IS FOR INFORMATIONAL
PURPOSES ONLY AND DOES NOT CONSTITUTE INVESTMENT ADVICE OR AN OFFER TO BUY OR
SELL ANY SECURITY. FUTURE MARKET MOVEMENTS MAY DIFFER SIGNIFICANTLY FROM THE
EXPECTATIONS EXPRESSED HEREIN, AND PAST PERFORMANCE IS NO GUARANTEE OF FUTURE
RESULTS. EDELMAN FINANCIAL ENGINES ASSUMES NO LIABILITY IN CONNECTION WITH THE
USE OF THE INFORMATION AND MAKES NO WARRANTIES AS TO ACCURACY OR COMPLETENESS.
FUTURE RESULTS ARE NOT GUARANTEED BY ANY PARTY. FINANCIAL ENGINES® IS A
TRADEMARK OF EDELMAN FINANCIAL ENGINES, LLC. ADVISORY SERVICES ARE PROVIDED BY
FINANCIAL ENGINES ADVISORS L.L.C. (FEA), A FEDERALLY REGISTERED INVESTMENT
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AFFILIATES, “BARCLAYS”), USED UNDER LICENSE. BLOOMBERG OR BLOOMBERG’S LICENSORS,
INCLUDING BARCLAYS, OWN ALL PROPRIETARY RIGHTS IN THE BLOOMBERG BARCLAYS
INDICES. NEITHER BLOOMBERG NOR BARCLAYS APPROVES OR ENDORSES THIS MATERIAL, OR
GUARANTEES THE ACCURACY OR COMPLETENESS OF ANY INFORMATION HEREIN, OR MAKES ANY
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INDEXES ARE UNMANAGED PORTFOLIOS AND INVESTORS CANNOT INVEST DIRECTLY IN AN
INDEX. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

DIVERSIFICATION DOES NOT ASSURE OR GUARANTEE BETTER PERFORMANCE AND CANNOT
ELIMINATE THE RISK OF INVESTMENT LOSSES. THERE ARE NO GUARANTEES THAT A
DIVERSIFIED PORTFOLIO WILL OUTPERFORM A NONDIVERSIFIED PORTFOLIO. PAST
PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

AM#2746173


What to read next
Tax-saving strategies
December 6, 2021
The Roth IRA Conversion
June 6, 2019
11 Great Reasons to Carry a Big, Long Mortgage
May 29, 2019
How to decide which tax-filing status is right for you.
March 2, 2018
   
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