DMP Monthly Tips, Resources, and Reminders

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Can you believe we're already in the 4th quarter of 2023?!

I hope you've enjoyed your year so far and have been meeting all of your personal and financial goals.

If not, don't worry - you're not alone. I can totally relate 🙋🏻‍♀️. But guess what, we still have three months to turn things around and end this year on a high note.

One of the things I want you to do in these last three months is...

Start your year-end tax planning now

I know what you're thinking - it's only October, why do I want to start thinking about taxes now?

The reality is now is the perfect time. There are only a few months left in this year for you to review your finances and take action to reduce your tax liability. Once January 1 rolls around your options for tax savings are limited.

Start by reviewing your income and withholding/estimated payments made during the year.

Once you have a clear picture of your income for the year you'll have a better idea of what tax planning strategies you can implement.

For example, you may decide you can afford to contribute more to your retirement plan or to defer receiving a bonus until January (if your employer allows it) so you don't wind up in a higher tax bracket.

You might also consider selling some of your loser investments (stocks, mutual funds, virtual currency, etc.) or employing your child in your business if you're self-employed.

Whatever your income level, you have options when it comes to tax planning. If you're unsure of what to do, schedule a call with us so we can help you figure out the best strategies for you.

If you're an employee and you need help figuring out how much you should be paying in taxes this year or what your current tax bracket is, you can use the IRS tax withholding estimator.

If you're self-employed, you'll need to be sure your bookkeeping is up to date before you can implement any tax savings strategies.

If you need help getting your bookkeeping in order before year-end we're offering a 40% discount on our bookkeeping catch-up fee.

Schedule a call today so we can get your books ready for tax season!

If you recall, a few months back I told you the COVID-era pause on student loan payments would be ending in October.

Well here we are in October and I'm sure, if you have student loans, you've received reminders that your payments are due again.

If you haven't applied for the new SAVE Income-Driven Repayment Plan, now's the time to do so.

You can apply for the plan here!

I hope you enjoyed this month's tip, resource, and reminder to help you on your journey of achieving your personal and business financial goals.

If you need assistance with year-end tax planning feel free to schedule a call with me to see how we can help.

If you found anything in this email beneficial hit reply and let me know, and please forward it to others so they may benefit too!

If there's a topic you would like me to address in a future email hit reply and tell me about it. I would love to hear from you!

Until next month,

Devin

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