In this Episode of the Secure Your Retirement Podcast, Radon, Murs, and Taylor discuss how to prepare to file for the 2023 taxes. The first things you should be looking at include your different sources of income and tax forms connected to that income.

Listen in to learn the importance of working with a professional tax preparer to avoid misreporting different income taxes. You will also learn why you should report your Qualified Charitable Distributions and Roth conversions to your tax preparer to avoid overpaying taxes or paying penalties.

In this episode, find out:

• Things to think about your taxes to avoid last-minute rush come April 15th.
• The difference between the two types of 1099 forms you should know to avoid confusion.
• The importance of working with a professional tax preparer to avoid misreporting rental income taxes.
• When it’s worth and not worth it to itemize your expenses for your tax preparer.
• The importance of reporting your Qualified Charitable Distributions to reap tax benefits.
• Why you should report your Roth conversions to your tax preparer to avoid paying penalties.
• Understanding how your Roth IRA contributions impact your tax returns.
• Ensure your tax preparer has your correct date of birth on file if you turn sixty-five to avoid overpaying taxes.

Tweetable Quotes:

• "Consider all your diverse revenue streams and locate the corresponding tax form as your initial step."- Taylor Wolverton
• “You want to send as much documentation as you can get for both income and expenses associated with your rental property to your tax preparer this year.”- Taylor Wolverton

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.