Do you want to keep your tax planning smooth as you set goals for this year? As you think about getting ready for the tax season and setting goals for 2023, we know you want to make your life a bit simpler.

In this episode of the Secure Your Retirement podcast, we share ten tax tips for the beginning of 2023 to simplify your life. We discuss things like tax-free sources of income, Roth conversions, tax withholding, Required Minimum Distributions, and much more.

In this episode, find out:

• Take advantage of tax-free sources of income – consider where your income is coming from.
• Consider converting a traditional IRA into a Roth IRA and whether or not it makes sense for you.
• Review your tax withholding to avoid under-withholding or over-withholding.
• Take advantage of deductions for medical expenses – keep track of your medical expenses throughout the year.
• Take advantage of charitable contribution deductions – through QCDs or donor-advised funds.
• Don’t forget about quarterly payments to the IRS to avoid penalties.
• Don’t forget about state taxes when making quarterly payments to avoid penalties.
• Consider part-time work to keep you busy or for medical insurance if you retire before 65.
• Don’t forget about the Required Minimum Distributions (RMDs) if you’re turning 72 this year.
• Keep track of your tax documents to prepare your CPA or yourself for tax returns.

Tweetable Quotes:

• “If you can control your taxable income, it will give you great tax planning advantages throughout 2023.”- Radon Stancil
• “There can be a penalty if you do not do enough withholding or you do not do quarterly payments throughout the year.”- Murs Tariq

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.