Cortburg Speaks Retirement

Tax Planning and Financial Planning

• Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® • Season 2023 • Episode 160

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Cortburg Speaks Retirement - episode #160: Tax Planning and Financial Planning Go Hand in Hand / Investment in Stock Market, Financial Planning, Retirement Planning, Money Management 

With tax season coming to an end, it’s the ideal time to use this year's tax return to help update your financial plan.   

In this audio podcast episode, Miguel Gonzalez shares some ways to learn more about how your income tax return provides clues for the financial planning steps to take during the upcoming year.

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Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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INTRODUCTION

Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

 

HOST

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

On this week’s audio podcast, I share how you can use your recently filed tax return to update your financial plan.  

With tax season coming to an end, it’s the ideal time to use this year's tax return to help update your financial plan. If you’re in the group of one in four Americans who do not already have a financial plan, it may be time to create your first one.1

Creating a financial plan from scratch may seem like an overwhelming task; however, having your tax information as a reference may significantly assist this effort. Here are some ways to learn more about how your income tax return provides clues for the financial planning steps to take during the upcoming year.

Tax Information Might Influence Your Financial Plan

Every piece of information you provide on your federal and state income tax returns might impact your financial plan. 

Making a financial plan may depend on these factors:

●        Your filing status

●        Your number of dependents (and their ages)

●        Your taxable income

●        Your effective tax rates

●        Your taxable Social Security and Medicare (FICA) wages

●        Your deductions (like real estate taxes, mortgage interest, health care expenses, or charitable deductions)

●        Your credits (like the child tax credit or earned income tax credit)

●        Whether you pay interest on a student loan or have a child in college

●        Whether you contribute to a health savings account

This data may help you answer questions such as:

●        Should I contribute to a traditional individual retirement account (IRA) or a Roth IRA?

●        Should I save for college in a 529 account or prioritize paying down my existing student loan debt?

●        Does it make more sense for my minor children to file their income tax return or for me to claim them as dependents?

●        Should I double this year's charitable deduction (or contribute two years at once) so I may itemize my deductions?

By having all of the information in front of you, when re-evaluating your finances, you may be able to decide what short- and long-term financial goals are suitable. You may consider adjustments as needed when your situation changes.

Planning to Make Next Tax Season Easier

The information you glean from this year's tax season may help you plan out the rest of your year. It may also help when preparing tax returns for the next tax season. If you received a hefty refund, you might want to update your withholdings to lower the amount taken from each paycheck. This adjustment may provide more money to save or use to pay off debts during the year, rather than waiting to receive your tax refund in April.

If you owed money at tax time or had to pay an underpayment penalty, it is worth updating your withholdings to the amount necessary to cover your tax payments. Doing so may help you avoid any unpleasant surprises next April and give you a better idea of your true tax liability.

No matter your income, budget, or financial situation, financial planning may be the key to helping you keep more of your hard-earned money. Having a plan enables you to manage finances in alignment with your financial goals, whatever they may be.


Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances.  As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

 

DISCLOSURES  

Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision. 

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

CRC conferred by The International Foundation for Retirement Education.

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.  

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.

Investing involves risk including possible loss of principal.

·         The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual security. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.

·         This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

·         All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

·         This article was prepared by WriterAccess. 

·         Source

o   1 https://www.aicpa.org/news/article/a-quarter-of-american-taxpayers-dont-have-a-financial-plan-aicpa-survey


 

 

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Miguel Gonzalez, MBA, AIF®, CPFA®, PPC®, CRC®

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