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Are You Prepared For The Upcoming Tax Season?

January 05, 2022
Happy New Year! It’s a new year, a new you, and a new time to do things differently—like your taxes. Tax-filing season is officially here, and there are many things you can do to be prepared and organized. Here are a few simple tips that can help you save time, stress, and money:
  • Decide who will prepare your taxes Major life-changing events such as career, marriage, and death can make taxes more complicated, so it’s a smart move to hire a tax professional to handle your taxes.
  • Ensure beneficiary designations are up to date - It may not matter today, but eventually, it can help minimize the taxes your beneficiaries and heirs pay on your assets after you die.
  • Max out retirement plan contributions - The money you put in your tax-deferred accounts reduces your taxable income and your tax bill while growing until you need the money in retirement.
  • Consider converting traditional IRAs to Roth IRA accounts - These withdrawals aren’t considered income for federal tax purposes, and you don’t have to take RMDs from them every year. (Note: when you convert, it’s taxable income, which will raise your tax bill for that year).
  • Review your Account Information Online – Use this online account to securely access the latest information available about your federal tax account. Also, you can see data from your most recently filed tax return on, including information on any Economic Impact Payments and Child Tax Credits you may have received.
  • Reconcile Child Tax Credit Payments - If you received advance payments, you need to compare the Child Tax Credit payments you received during 2021 with the amount of the Child Tax Credit that you can accurately claim on your 2021 tax return. 
  • Claim Recovery Rebate Credit - Individuals who didn't qualify for third Economic Impact Payments or didn’t receive the full amount may be eligible for the Recovery Rebate Credit based on their 2021 tax situation. In early 2022, the IRS will send you Letter 6475 to provide the total amount of the third Economic Impact Payment and any Plus-Up payments that you received. 

Paying taxes is inevitable, and with rules ever-changing, now might be the perfect time to explore financial options and review your long-term plans. We also know taxes are complicated, so contact us today. We look forward to hearing from you.


This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.  Death benefit payouts are based upon the claims paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.

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