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Tax Season Discoveries: When to Contact a Financial Advisor

Tax Season Discoveries: When to Contact a Financial Advisor

March 07, 2024

As we dive headfirst into tax season, the annual ritual of collecting receipts and deciphering complex forms is upon us. While this may be typical for this time of year, tax season can present key findings that could significantly impact your financial well-being throughout the entire year. Here are some crucial tax season insights that might be a sign to pick up the phone and contact a financial advisor.

Tax Code Changes

This year, the tax code has undergone substantial changes—new tax brackets and retirement account contributions limits, to name a couple. Deciphering tax complexities can be daunting for the average taxpayer, and understanding how these changes affect your unique financial situation requires professional expertise. 

At Kore Financial Group, we can navigate the intricacies of the updated tax code to ensure you are not missing out on potential deductions or exposing yourself to unnecessary liabilities. We have decades of experience working with the tax code as it applies to our client’s financial plans, and we partner closely with CPAs to make sure a tax professional is with us every step of the way to navigate any changes and optimize our client’s financial plans. 

Income Fluctuations or Windfalls

If this past year brought significant changes to your income – whether you changed jobs, received a bonus, or experienced other windfalls – it's crucial to reassess your tax strategy. Sudden increases or decreases in income can have profound tax implications. We can help you optimize your tax planning to minimize liabilities and maximize new financial opportunities.

Life Changes

Have there been any major life events in the past year? Whether it's getting married, having a child, buying a home, or experiencing a loss, these events can have profound tax implications. Part of our regular check-ins with our clients throughout the year is to make sure we are up to date as far as any life events that have occurred. We regularly guide clients through these changes and how they impact their tax situation to help them make informed decisions and utilize available strategies that align with their long-term financial goals.

Investment Gains or Losses

If you've made gains or experienced losses in your investment portfolio, it's essential to understand the tax consequences. Capital gains, dividends, and losses can significantly impact your tax liability. We can analyze your investment activities, provide insights into tax-efficient strategies, such as tax loss harvesting, and help you make informed investment decisions for the future.

Retirement Planning Opportunities

As you prepare your taxes, consider the impact on your retirement accounts. Contributions, withdrawals, and changes in retirement income sources can all influence your tax situation. There are many intricacies when planning for retirement, and we help ensure that you maximize tax advantages and secure a comfortable retirement.

Tax season is more than just a routine task – it's an opportunity to reassess and optimize your financial strategy. The key findings above underscore the importance of seeking a financial advisor who brings expertise, strategic insight, and a personalized approach to help you navigate the complexities of the tax landscape.

Don't let valuable opportunities slip through the cracks – reach out to us today and unlock the full potential of your financial future. Your peace of mind and financial success are well worth the investment.