Category: Tax Services
Tax Strategies to Get Ahead on Planning for Next Year
By Mark Sipos, LFG Tax Director Filing season may be over, and nobody wants to think about filing taxes again, but now is the time to get planning ideas into action. Getting an early start on tax planning for 2025 offers greater flexibility, the ability to budget more properly, and may allow you to take full advantage of some planning ideas versus waiting until the last minute. Here are a few things to consider: Personal Tax Filing Review: Analyze your previous year's tax return. Did you owe a lot? Get a large refund? This can indicate the need for adjustments to your withholdings or tax planning strategies. Did your tax preparer offer any insights to lower your tax bill that need to be executed? Adjust Tax Withholdings: If you had a large tax bill or refund, use the IRS Tax Withholding Estimator to calculate the appropriate withholding amount and update your Form W-4 with your employer. Tax withholdings on pension distributions can be adjusted using Form W-4P. Estimate Taxes (if applicable): If you have income not subject to withholding (self-employment, investments, etc.), estimate your tax liability and make quarterly estimated tax payments to avoid penalties and interest. We saw higher tax bills in 2024 due to higher earnings on savings and CDs, and large capital gain distributions. Optimize Deductions and Credits: Research and identify potential deductions and tax credits you might be eligible for, and plan how to maximize them. Consider Retirement Contr
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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