Top Questions to Ask About Tax Planning

On January 10th, 2022, the IRS announced that the agency would begin accepting and processing 2021 tax year returns starting Monday, January 24th. For most, the tax filing deadline is April 18th, 2022. If the last couple of years has proven anything, it’s that taxes are inevitable despite a global pandemic. And as taxpayers, we should continue to look ahead and plan for our financial futures. 

If you haven’t considered tax planning before, now is the time to make your financial health a priority. Here are the top questions you should ask yourself about tax planning and top questions to ask your tax planner: 

Questions to Ask Yourself Before Tax Planning 

  • Have I been planning my taxes creatively? 
  • What are my growth plans? 
  • Do I expect any significant changes in my income in the next 3-5 years? 
  • Am I satisfied with how much I’ve saved and invested? 
  • Do I have tax needs that are not being met? 

 

Questions to Ask Your Tax Planner 

Are there any Roth IRA income limits and contribution limits I should know about? 

For 2022, the Roth IRS contribution limit remains the same as in 2021; however, the Roth IRA income limits have increased for 2022. Talk to your tax planner about how these changes may affect you based on your modified adjusted gross income and tax filing status. 

Do I qualify for any special tax deductions if I donated to charity in 2021? 

Congress approved a special tax break for the 2020 year available to most taxpayers. As the pandemic raged on, it was extended through 2021. It’s worthwhile to ask your tax planner about tax breaks for charitable donations before you file this in 2022. You might be eligible for up to $600 in special tax deductions. 

Are there new RMD rules for IRAs in 2022? 

You may need to approach your required minimum distributions (RMDs) for qualified retirement plans with extra planning this year.Congress suspended rMDs for 2020 and 2021. The IRS issued new tables to compute RMDs for 2022. The life expectancy tables have changed slightly, potentially affecting both you as the account’s original owner and your beneficiaries. 

What other services do you offer beyond tax planning? 

Tax planners are tax consultants; the most qualified and experienced ones have a CPA or degree in tax law. Ask your tax professional about their experience in IRS negotiations and mediations, payment plans, delinquent tax returns, audits, and so on. Because while a tax planner can help you secure your financial future, they may also help you with tax relief. 

The trickiest thing about tax planning is being up-to-date on changing tax rules and laws.  At Golden Tax Relief, we know the ins and outs of the tax system, allowing us to think of creative and proactive solutions to save on your taxes and maximize your after-tax income.  

The tax professionals at Golden Tax Relief have decades of experience in tax planning. If you recognize the signs in yourself or your business that it’s time for expert tax planning, click here for a consultation or call 844 229 8936.  

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