You are not alone if this tax season brought unwelcome surprises. A speaker at a recent conference referred to tax year 2022 as a season of “Tax Chaos.” In response, I’m introducing new tax planning capabilities designed to help my clients keep more of what they earn.
So what happened? Years of changing tax rules have brought a proliferation of complex thresholds and “gotcha” taxes that snare more taxpayers every year. Qualified tax professionals are overloaded, stranding taxpayers and financial advisors to navigate a tricky tax minefield on their own.
At the same time, new thinking and new tools have emerged to help narrow the gap between financial planners and tax advisors. This enables financial planners to help their clients make tax-smart decisions for common strategies such as Roth IRA conversions, charitable giving, deferred compensation programs, and more.
Working from the information on a tax return, these new planning tools create custom ‘what if’ scenarios aligned with our client’s unique objectives. This can help pinpoint potential benefits and trade-offs to common financial strategies, such as Roth IRA conversions, charitable giving, deferred compensation programs, and more.
I’m offering these tax planning services because I see the value in helping my clients make more tax-efficient decisions. I believe that responding proactively to what we’ve learned this year may help reduce tax surprises next year.
The tax planning services we offer are not intended to be a substitute for specific, individualized tax advice. Latona Wealth Partners and LPL Financial do not provide tax advice or services, and we suggest that you discuss your specific tax issues with a qualified tax advisor.
Publication # 1- 434631