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Tax Time, Financial Planning Opportunities

Apr 18, 2023 09:26AM ● By Oxford Planning Group

It’s that time of year again: Tax time.  While some people file on time, others choose to file an extension; regardless of which option you choose, taxes are due.  Shaun Eddy and his team at Oxford Planning Group says if you have found yourself running late this year, consider getting a head-start on next year by getting organized throughout the year. Chances are that you will not only expedite the process for future tax returns but also reduce stress levels that often come with tax time.

This time of year also creates many financial planning opportunities.  Let 2023 be the year that you got your financial planning kick-started for future success.

First, if you think it is too late to make a 2022 contribution to your retirement plan (not 401k), think again.  Some retirement options allow for filing later with extensions.  Check with your tax professional to ensure that you are doing everything right.

Next, use the information you learn about this year’s taxes to plan for 2023.  Make sure that you have enough tax deductions withheld, plan how much your want to contribute to your retirement plan(s), decide if there are any gifts you want to make, and review your tax-advantaged charitable deductions.

Consider having your financial adviser review your tax return.  The information in your return may help your adviser create a more tax efficient portfolio for you as well as recognize any opportunities that you may be missing.

Finally, review your budget and determine if you can increase your savings rate.  Did you get a raise? Did you pay off a loan?  If so, you’ll want to capture the extra savings in order to increase your savings.

Let’s make 2023 a great year for your finances!

If you are looking for help no matter where you are in your financial journey, don't hesitate to contact Oxford Planning Group. 

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