Happy Tax Day!
As a CFP® professional who has a father, brother, cousin, and grandfather who are all accountants, April 15th is always a big day in our household
A few important reminders as we hit the finish line of tax season:
📌 Filing an extension?
Even if you extend, your 2024 tax liability is still due today (April 15th). Penalties and interest start accruing if not paid.
📌 Florida Residents: You have until May 1st
If you’re in Florida, many counties impacted by hurricanes qualify for IRS disaster relief, extending your deadline to May 1st. (Double-check if your area qualifies.)
📌 Check all accounts and documents
I can’t tell you how often someone forgets a small brokerage account, HSA interest, or other 1099 income. Don’t let a missed form trigger a notice later.
📌 Backdoor Roth IRA
Make sure it was reported correctly. Check Form 8606 and confirm the conversion wasn’t taxed. For 2025, zero out all Traditional, SEP, and Rollover IRAs by rolling them into an employer plan if needed.
Continue Planning for 2025
💸 Tax Loss Harvesting
Use market volatility to your advantage by strategically realizing losses to offset gains or up to $3,000 of ordinary income. Explore Direct Indexing.
🎓 529 Plan Contributions
Especially for New York residents: you can deduct up to $5,000 per taxpayer ($10,000 for married filing jointly) from your state taxes when contributing to a NY 529 plan. Great for parents and even better for grandparents looking to help out.
🙏 Charitable Planning
Explore donor-advised funds (DAFs) to front-load charitable giving and get a deduction in the current year. Ideal if you expect a higher-income year and want to bunch your donations for tax efficiency.
🧮 Safe Harbor Planning
Will you use 90% of your current year tax or 110% of your prior year? Build out a projection and monitor throughout the year.
🔁 Consider Roth Conversions
A move of pre-tax retirement dollars into Roth accounts may create long-term tax efficiency.
See my X Account for more financial content. @EisnerZachary
Disclosure: For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Opes Private Wealth Management nor any of its representatives may give legal or tax advice. B Riley Wealth Management does not provide legal or tax advice. This information is intended for the individual addressed. Any dissemination, distribution, or copying of this message is strictly prohibited.