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Tax season is officially here. If you haven’t already done so, now is the time to get prepared. Whether you meet with a tax professional or prepare your taxes yourself, proper planning helps the processes go more smoothly and may reduce the risk of costly errors.

If you’ve been named a beneficiary or inherited an IRA, you’re likely facing some tough questions ⁠— what are the next steps and what happens now?

To help raise revenue to pay for President Biden’s Build Back Better Plan, Congress is considering a number of tax law changes, including adjusting estate taxes.

It's never too early to start looking at your tax obligations for the coming tax season. The information in this article is for the 2023 tax year, which most taxpayers will file in 2024.

Rushing to file your tax return before the deadline may mean making mistakes that could have been avoided. Even now, there is still plenty you can do to plan ahead and prepare before filing your taxes. Here are eight steps designed to help tax filers save money and avoid surprises when filing this year. 

Step #1: Figure Out Your Filing Status

Preparing a strategy that is both advantageous and tax-efficient might feel daunting at first. Thankfully, there are some things you can do now to keep from overpaying this tax season.

Build Your Team of Professionals

Between gathering the necessary paperwork and working through complicated scenarios, tax season can be a stressful time. You’ve worked hard throughout the year, and you want to be sure you’re taking the right measures to get the maximum amount back on your return.

Estate planning is an often complex financial process that nearly all investors should consider. It includes reviewing legal and tax implications, investment strategies and personal questions to ensure your estate is set up efficiently. 

As we ring in 2023, let’s look at some of the most important estate planning documents you should have prepared. 

While a will is a far more complicated document than a note, leaving a will for your family is not only a considerate move on your part; it may prevent your family from dealing with several hurdles and complications after your eventual passing. It’s a good idea to think carefully about making a plan for you and your estate when you die.

You have an estate.

One of the major problems that occur with preparing for one’s passing and financial distribution is that people frequently leave the matter to the very last minute and then make rushed decisions with bad information. This can cause common mistakes to occur that could be avoided with proper preparation.