Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode, Jeff Dvorachek emphasizes the importance of mid-year tax planning. As we reach the halfway point of 2024, it’s crucial to assess where you stand with your taxes, planning, and preparation. Let’s dive in!
On today’s episode of Tax Insights, Jeff discusses the importance of mid-year tax planning and provides a comprehensive checklist to ensure you’re on track for 2024. As we reach the halfway point of the year, it’s crucial to review your tax strategy and make necessary adjustments. Jeff highlights key steps and considerations for optimizing your tax situation before the year-end rush. Let’s dive into the mid-year tax planning checklist!
Host: Indeed it is. Hopefully, everyone is enjoying 2024. Now that we are halfway through the year, let’s kind of do a little check-in about taxes, planning, and preparation. Where should people be at right now in terms of all that good stuff?
Jeff: Yeah, because we do a lot of tax planning for our clients in the fall, but I think it’s important to start thinking about that planning even halfway through the year. If you got a refund last year or owed a lot of tax, have you now taken steps to either decrease that refund or get some withholding paid in so you don’t owe so much next year?
Host: So, Jeff, this is a good time to sit down with you guys and start thinking about planning and preparations. This is a good time to do this because, obviously, during tax season, you’re a little busy, aren’t you?
Jeff: Just a little bit. Right now, being halfway through the year, you start to realize what your income is going to look like for this year. Your income for 2024 is starting to clear up, so maybe it’s time to look at doing a Roth conversion or addressing capital gains. When you have six months to work on it, it’s easier than if you have six weeks.
Host: Absolutely. People always think they have a lot of time, but the reality is time goes by quickly, and we get overwhelmed, distracted, or our schedules get booked. So, summer is a good time to sit down with you and start thinking about making wise decisions moving forward.
Jeff: Exactly. If we do it later in the year, there may not be enough time to do what you truly want to do. Now is the time to do it.
Host: Jeff, if our listeners would like to sit down and schedule time to meet with you or any of the experts over at Hawkins Ash, I know you always make time available for people. What’s the best way of reaching out to you guys, the tax experts at Hawkins Ash?
Jeff: I would go right to our website, HawkinsAsh.CPA, go to the CPA-HQ section, which has the addresses and phone numbers of all our locations throughout Wisconsin and Minnesota.
Host: Because you guys are in multiple states and growing in markets. It’s exciting for Hawkins Ash.
Jeff: It really is, and as we continue to grow, I still feel that we have that hometown feel.
