It is that time of year again when 1099s and W-2s start flowing in.
This year’s filing deadline is April 15 (unless you delay). The past couple of years had deadlines that did not fall on the 15th, but this year does.
Here are several simple recommendations that may improve your filing and future tax planning:
- Ask your CPA or tax preparer if there were any law changes that you should take advantage of.
- Tell your tax team if you invested in new ventures outside your typical brokerage account or IRAs.
- Some investments, like Private Equity or limited partnerships, generate K-1s and may require a delayed filing.
- Look for corrected 1099s and forward them to your tax team as soon as possible.
- If you make non-deductible IRA contributions, ask about filing form 8606.
- Look out for 1099s from money market accounts.
- In past years, they may not have generated enough income to report, but with current interest rates, that may have changed.
- Tell them about any domestic changes (birth of children, adoption, marriage, divorce, etc.)
- Share with your tax team if you changed your banking information, and always double-check the direct deposit information.
We hope this is helpful and leads to a smooth tax season for you and all the CPAs and tax preparers.
Nic Cohen, CFP®
Financial Advisor
Alaska Wealth Advisors, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Alaska Wealth Advisors’ investment advisory services can be found in its Form ADV Part 2 and/or Form CRS, both of which are available upon request. Material presented has been derived from sources considered to be reliable, but accuracy and completeness cannot be guaranteed.
Note: This material should not be construed as tax advice. You should always consult with your tax professional with regard to specific tax questions and obligations.
