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Last Minute Tax Tips

Last Minute Tax Tips

| March 29, 2024

Last Minute Tax Tips

Hi, I’m Dave Denniston with Centurion Financial Strategies, and it’s the middle of tax season. Preparing yourself to file taxes can feel like a daunting task, but there are actions you can take now to make it less painful. In this video, I’m going to talk about 3 things you should do—and be aware of—before you file your 2023 taxes.

The tax filing deadline is approaching. And if you haven’t filed yet, I’m here to share 3 things you should do to set yourself up for a win.

One: Make your IRA contribution for 2023 by April 15, 2024. You can contribute up to $6,500 into a Roth or Traditional IRA. And if you’re 50 or older, you can put away an additional $1,000.

If you’re doing the back door Roth, make sure you enter in that 1099 and contribution last to ensure that your taxes aren’t impacted. Also, make sure to remind your tax preparer that you did the back door Roth.

If you’re self employed, make sure to get in your SEP, Owner Only 401k, or general 401k contributions.

Two: Submit your first quarter 2024 estimated tax payment if you’re required. But don’t lump it together with the 2023 taxes you owe on your 2023 1040. The IRS may post it incorrectly, and you’ll spend time later straightening it out.

Three: Review your 2022 tax return. This can help refresh your memory on the forms you’ll need and the tax deductions or credits you qualified for last year.

Tax time comes around every year, but you’re not alone, I’m here to provide suggestions and solutions. If you have questions on the information I’ve provided or would like to discuss your unique tax situation, please use the form below to message me. I’ll respond personally.