Getting Ready for Tax Season with Rodriguez Financial Strategies, LLC

The start of the year is an ideal time to get organized for tax season. Preparing early can help you maximize deductions, avoid filing delays, and ensure you’re taking full advantage of recent tax law changes. Here are some key pointers to consider:

1. Gather income documents. Collect your pay stubs, W-2, and 1099 statements (federal, state, and local). Include information on savings and investment accounts, as well as any distributions from retirement accounts.
2. Gather deductible expenses. Compile receipts for deductible costs such as mileage (for the self-employed), mortgage interest, and charitable donations.
3. Review your mortgage statement. Determine whether deducting mortgage interest is preferable to taking the standard deduction.
4. Collect medical expenses. Some may qualify as deductions.
5. Meet with your financial advisor. Review recent tax law changes that can impact your investment portfolio, and discuss options to allocate any refunds into your financial plan.
6. Review estate planning documents. Consult your estate attorney to ensure wills, trusts, and beneficiary designations remain aligned with current laws.
7. Meet with your tax advisor. Review applicable changes to the tax code, such as the Child Tax Credit, retirement account contribution limits, and changes to the standard deduction and allowable itemized deductions.

Give us a call today at 937-427-4292 to schedule a complimentary review of your financial plan. Rodriguez Financial Strategies, LLC, 4031 Colonel Glenn Highway, Suite 107, Beavercreek, OH 45431, Email: rafi@AskRafi.com, website: https://www.AskRafi.com. 

Securities and investment advisory services offered through Osaic Wealth, Inc, member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Osaic Wealth and its representatives do not offer tax or legal advice. Investors should consult their tax advisor or legal counsel for advice and information concerning their situation prior to undertaking an investment plan.