{"id":14503,"date":"2023-02-28T15:22:29","date_gmt":"2023-02-28T21:22:29","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=14503"},"modified":"2024-01-29T11:20:35","modified_gmt":"2024-01-29T17:20:35","slug":"proactive-tax-saving-strategies","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/proactive-tax-saving-strategies","title":{"rendered":"Proactive Tax-Saving Strategies"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"14503\" class=\"elementor elementor-14503\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-40a35f36 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"40a35f36\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5815c50b\" data-id=\"5815c50b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-12e53644 elementor-widget elementor-widget-text-editor\" data-id=\"12e53644\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>It seems that tax laws and regulations are constantly changing. That\u2019s why it\u2019s always good to meet with your CPA or financial advisor on an annual basis to talk about potential tax savings strategies as they exist under current tax rules and guidelines. While it\u2019s generally best to have that meeting in November or December to beat all the IRS\u2019s year-end deadlines, a meeting in January or February can also be extremely beneficial and potentially save you thousands of dollars.<br \/><input name=\"gform_field_values\" type=\"hidden\" value=\"\" \/><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cb0e893 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cb0e893\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-317a72e\" data-id=\"317a72e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap 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That\u2019s why it\u2019s always good to meet with your CPA or financial advisor on an annual basis to talk about potential tax savings strategies as they exist under current tax rules and guidelines. While it\u2019s generally best to have that meeting in November or December to beat all the IRS\u2019s year-end deadlines, a meeting in January or February can also be extremely beneficial and potentially save you thousands of dollars.<\/p>\n<p>The tax savings strategies discussed in this report are primarily geared toward filers in the 12% to 24% income tax brackets and are strategies related to retirement contributions, investments, savings, healthcare expenses, charitable donations, and other key areas. But first, let\u2019s go over some basic tax guidelines as they stand for the tax year 2023.<\/p>\n<p>Deductions &#038; Exemptions: The standard deductions for the tax year 2023 are:<\/p>\n<p>\u2022 Singles get $13,850, plus an additional $1,850 if age 65 or over<br \/>\n\u2022 Married couples get $27,700, plus $1,500 per spouse if both are 65 or over<br \/>\n\u2022 Heads of household get $20,800, plus $1,850 if age 65 or over<\/p>\n<p>Personal exemptions were eliminated with The Tax Cuts and Jobs Act and remain at 0. Most people know how basic tax preparation works: your adjusted gross income minus deductions and exemptions equals your taxable income. Beyond your standard deductions and personal exemptions, you and your advisor may want to explore and possibly implement some of the following additional strategies:<\/p>\n<p>401(k)s and Other Qualified Plans<br \/>\nIt is generally a good idea to maximize tax-deferred 401(k) contributions whenever possible. If you feel you can\u2019t afford to put in the maximum amount of money allowed, try to contribute at least the amount that will be matched by employers\u2019 contributions. Contribution limits for 401(k), 403(b), and 457 plans are $22,500, with an additional $7,500 catch-up contribution limit if you are over age 50. You might even consider taking an entire paycheck in December and putting it into your 401(k), if that\u2019s feasible, or taking the equivalent amount from a savings account and putting that into the 401(k) to maximize the contribution.<\/p>\n","protected":false},"author":1,"featured_media":16487,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[4,5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Proactive Tax-Saving Strategies - Johnson Wealth and Income Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/johnsonwim.com\/proactive-tax-saving-strategies\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Proactive Tax-Saving Strategies - Johnson Wealth and Income Management\" \/>\n<meta property=\"og:description\" content=\"It seems that tax laws and regulations are constantly changing. That\u2019s why it\u2019s always good to meet with your CPA or financial advisor on an annual basis to talk about potential tax savings strategies as they exist under current tax rules and guidelines. While it\u2019s generally best to have that meeting in November or December to beat all the IRS\u2019s year-end deadlines, a meeting in January or February can also be extremely beneficial and potentially save you thousands of dollars.  The tax savings strategies discussed in this report are primarily geared toward filers in the 12% to 24% income tax brackets and are strategies related to retirement contributions, investments, savings, healthcare expenses, charitable donations, and other key areas. But first, let\u2019s go over some basic tax guidelines as they stand for the tax year 2023.  Deductions &amp; Exemptions: The standard deductions for the tax year 2023 are:  \u2022 Singles get $13,850, plus an additional $1,850 if age 65 or over \u2022 Married couples get $27,700, plus $1,500 per spouse if both are 65 or over \u2022 Heads of household get $20,800, plus $1,850 if age 65 or over  Personal exemptions were eliminated with The Tax Cuts and Jobs Act and remain at 0. Most people know how basic tax preparation works: your adjusted gross income minus deductions and exemptions equals your taxable income. Beyond your standard deductions and personal exemptions, you and your advisor may want to explore and possibly implement some of the following additional strategies:  401(k)s and Other Qualified Plans It is generally a good idea to maximize tax-deferred 401(k) contributions whenever possible. If you feel you can\u2019t afford to put in the maximum amount of money allowed, try to contribute at least the amount that will be matched by employers\u2019 contributions. Contribution limits for 401(k), 403(b), and 457 plans are $22,500, with an additional $7,500 catch-up contribution limit if you are over age 50. You might even consider taking an entire paycheck in December and putting it into your 401(k), if that\u2019s feasible, or taking the equivalent amount from a savings account and putting that into the 401(k) to maximize the contribution.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/johnsonwim.com\/proactive-tax-saving-strategies\" \/>\n<meta property=\"og:site_name\" content=\"Johnson Wealth and Income Management\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-28T21:22:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-29T17:20:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/02\/Johnson-Wealth-and-Income-Management-Proactive-Tax-Saving-Strategies-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"1295\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Johnson Wealth &amp; 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That\u2019s why it\u2019s always good to meet with your CPA or financial advisor on an annual basis to talk about potential tax savings strategies as they exist under current tax rules and guidelines. While it\u2019s generally best to have that meeting in November or December to beat all the IRS\u2019s year-end deadlines, a meeting in January or February can also be extremely beneficial and potentially save you thousands of dollars.  The tax savings strategies discussed in this report are primarily geared toward filers in the 12% to 24% income tax brackets and are strategies related to retirement contributions, investments, savings, healthcare expenses, charitable donations, and other key areas. But first, let\u2019s go over some basic tax guidelines as they stand for the tax year 2023.  Deductions & Exemptions: The standard deductions for the tax year 2023 are:  \u2022 Singles get $13,850, plus an additional $1,850 if age 65 or over \u2022 Married couples get $27,700, plus $1,500 per spouse if both are 65 or over \u2022 Heads of household get $20,800, plus $1,850 if age 65 or over  Personal exemptions were eliminated with The Tax Cuts and Jobs Act and remain at 0. Most people know how basic tax preparation works: your adjusted gross income minus deductions and exemptions equals your taxable income. Beyond your standard deductions and personal exemptions, you and your advisor may want to explore and possibly implement some of the following additional strategies:  401(k)s and Other Qualified Plans It is generally a good idea to maximize tax-deferred 401(k) contributions whenever possible. If you feel you can\u2019t afford to put in the maximum amount of money allowed, try to contribute at least the amount that will be matched by employers\u2019 contributions. Contribution limits for 401(k), 403(b), and 457 plans are $22,500, with an additional $7,500 catch-up contribution limit if you are over age 50. 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