The hardest thing in the world to understand is the income tax.
— Albert Einstein
What To Know About Reviewing Your Tax Returns
Reviewing your tax returns can be daunting and difficult. Tracking your exposure to various taxes (e.g. ordinary income tax, capital gains tax, the alternative minimum tax, the net investment income tax, etc.) and your rights to various credits and deductions requires time and effort.
To assist you in reviewing your filings, we have a checklist for retired taxpayers and one for taxpayers who are still working. Each checklist outlines nearly two dozen considerations to help guide you through your returns and circumstances.
Other Tax Considerations
As you review your returns (or even throughout the year), questions may come up. We’ve highlighted some of the most frequent questions we hear from our clients. Each question has an associated checklist that highlights key considerations.
- Do I need to start making estimated federal income tax payments?
- Should I consider doing a Roth conversion?
- What will have the least tax impact: Harvesting capital gains or Roth conversions?
- Will I have to pay tax on the sale of my investment?
- Is my rental property tax deductible?
While checklists can help you spot great ways to identify different opportunities to consider, we are always available to discuss your finances and goals and to identify what the best opportunities are for you.
Our new Northland Windward office is open!
Our new Kansas City North office is now open. This office is by appointment only but Drew is there most days if you plan to drop by. Our Northland address is:
851 NW 45th St., Suite 106
Kansas City, MO 64116
Photo of the Month
Darrell guest-DJing Radio Margaritaville in a recent Key West, FL visit.
This content is provided by Windward Private Wealth Management Inc. (“Windward” or the “Firm”) for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. No portion of this blog is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in the individual blog posts will be derived from sources that Windward believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.
Windward is an SEC registered investment adviser. The Firm may only provide services in those states in which it is notice filed or qualifies for a corresponding exemption from such requirements. For information about Windward’s registration status and business operations, please consult the Firm’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.