Laying the Groundwork for Tax Season

Tax Planning

Smart moves at the beginning of tax season can help get your financial house in order.

Contrary to popular belief, tax planning isn’t limited to the months between year-end and April 15. In fact, smart tax planning goes beyond deductions and credits and should be incorporated throughout the year. As Americans prepare to file their returns, let’s take a look at what we should be thinking about for tax season and beyond.

Get It Together, Now

The beginning of each new year is the time to get organized before filing your taxes. Make an appointment with your accountant and prepare by gathering all the relevant documentation.

Among other things, you’ll need:

• Year-end statements from financial accounts
• W-2s, 1098s and 1099s, K-1s (many can be found online)
• Last year’s tax returns
• Receipts for donations and business-related expenses
• Social Security numbers for your spouse and dependents
• Business identification number
• Tax ID number for daycares or schools, if filing for the carechild credit

Keep in mind that most 1099s should be mailed before the end of January, but they could be delayed or revised. You and your accountant will have to decide if you need to file an extension, a common occurrence these days.

Strategies for Any Season

If lowering your taxes is a priority, start a conversation with your financial and tax advisors about ways to save money come April 15. Consider these perennial options:

• Put pretax dollars to work. Flexible savings accounts – available during your employer’s open enrollment period – allow you to use pretax dollars to pay for qualified expenses. You can also use pretax retirement contributions to reduce your taxable income.
• Fill in the blanks. Work with your financial advisor to make sure all the cost-basis information is complete and accurate before calculating losses and gains for tax-loss harvesting purposes.
• Pursue tax-efficient investing. Investing should be focused on meeting your goals, not just on reducing taxes. But in some cases the two dovetail nicely. For example, interest* from municipal bonds is generally exempt from federal and state income tax (if you’re a resident of the state the bond is issued in). You could also sell underperforming stocks to offset realized gains.

For all taxpayers, it’s important to take a look at what tax strategies could benefit your specific situation without losing sight of your overall financial goals. Reviewing your investments in light of your goals, the tax environment, and the economic landscape can help you see where adjustments need to be made to position yourself for the upcoming year and beyond.

*Interest may be subject to the federal alternative minimum tax and state or local taxes.

Municipal bond investments may involve market risk if sold prior to maturity, credit risk and interest rate risk. There is no assurance that any investment strategy will be successful. Investing involves risk and investors may incur a profit or a loss. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. While familiar with the tax provisions of the issues presented herein, Raymond James Financial Advisors are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

As featured in the Raymond James Worthwhile magazine.  Material prepared by Raymond James as a resource for its financial advisors.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

Zucchini Rolls

Ingredients

• 1 ball smoked scamorza Mozzarella
• 2 medium potatoes
• white bread
• 2 or 3 zucchini
• bread crumbs
• olive oil
• thyme, basil, parsley
• parmesan cheese

Directions

Filling: boil the potatoes, once softened peel them and add to the shredded smoked scamorza, white bread, grated parmesan cheese, chopped herbs, salt, and pepper. Season the mixture with a touch of olive oil.

Mix all together and let the dough rest in the fridge for about a half-hour.

Slice the zucchini into stripes then blanche them into salted boiling water for less than two minutes or simply grill them very lightly.

Once they cool down to be manageable, fill the stripes with the dough, and shape the rolls.

Sit the rolls into a butter greased baking dish, top the rolls with the mixture of bread crumbs, parmesan cheese, and chopped herbs and sprinkle them whit a touch of olive oil.

Put the baking dish into a preheated oven (200C/400F) until the top surface is golden brown (it should take approximately 15 minutes).

Let the rolls rest for a while, about 10 minutes, then ready to serve.

Recipe from La Cucina Sabina: https://www.lacucinasabina.com/recipe/zucchini-rolls/

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

ThinkAdvisor, a leading information provider for registered investment advisors and financial advisors, recently interviewed CSsports’ Evan Shear about the Seattle Seahawks’ Marshawn Lynch’s insightful advice about retirement planning. In the article, Evan notes the importance of the NFL player’s statements and how his advice should serve as a powerful reminder to younger players.

Click here to read the full article.

Evan Shear, through his work with professional athletes at CSsports, creates financial plans for NFL players that help preserve and grow the money they earn during their careers allowing them to transition successfully into retirement.

Here's another article for the newsletter.

10 Common Scams and How to Avoid Them

As we age, we may become more susceptible to fraudsters who make a living preying on retirees. This can be especially true for widows and widowers who are making decisions alone and may be particularly trusting of friendly strangers. In order to protect ourselves and those we love, it’s important to be aware of the most common scams older Americans fall for.

1. Lottery Scam

You get an unsolicited phone call or email saying you’ve won a large prize. All you need to do is send money to pay for shipping, taxes or some ancillary fee. You send the money, but the fictional prize never arrives.

2. Grandchild Scam

Your grandchild calls to confess her troubles. Or so you think. It’s not uncommon for someone posing as your grandchild to call and, preying on your compassion, claim to be in a crisis situation and need money urgently. She may also beg you not to call her parents (which would give the scam away).

3. Charity Scam

You donate to one charity and end up being on every charity list. That’s because they sell your name, phone number and email to other nonprofit and commercial organizations. These could include companies with similar names to charities you support – but they exist solely to scam donations.

4. Computer Scam

Someone calls pretending to be from a major company, such as Microsoft, and says he can see that your computer has a virus. He offers to help you get rid of it by asking you to log into a website that lets him control your computer – then steals your ID information.

5. Timeshare Scam

If you own a timeshare, you may get a call from someone claiming they’re authorized to sell it for you, for a fee. After paying, however, you never hear from them again.

6. Homeowner Scams

A man comes to your door and offers to clean your gutters or trim your trees, which sounds like a good idea. Until he asks for prepayment and never completes the job.

7. Medical Scam

You get an unsolicited call about a discounted price for some kind of medical equipment (i.e., heart monitor, wheelchair or bathtub bench). He asks for a deposit and your personal information or Medicaid number to send the equipment, which never arrives.

8. Foreclosure Scam

You’re approached by a “professional” who claims your home is under threat of foreclosure and offers to pay off your mortgage or taxes if you sign over the deed to the property. With your deed, the fraudster can then refinance the mortgage for the full value of your home and take the money. Keep in mind, even if you sign over a deed to someone, you are still liable for your mortgage obligations.

9. Caregiver and Sweetheart Scams

These predators claim to care deeply for you or your well-being, but after winning your trust, they gain access to your accounts to steal money or identity information. 10. Title Company Scam Before purchasing or closing on a new property, a scammer intercepts an email from your realtor or title company. You’re then sent fraudulent payment instructions to complete the transaction. Red flags include last minute changes to instructions, a change in tone or word choice from prior emails, a new sender address and multiple payment requests. These scams are common and widespread. But speaking with trusted loved ones or your financial professional before making decisions can help you avoid these traps. Additionally, keep in mind these tips for staying safe: Don’t pay for things you don’t remember ordering. Don’t give your personal information to unknown third parties. Work with financial institutions that use fraud protection to safeguard your credit card and banking information. Don’t click links in the body of suspicious emails, especially if they claim to come from your bank, credit card company, realtor or title company. Instead, log in to the company’s official website or call them directly to verify. Don’t let strangers into your house. Instead, ask for a business card and say your spouse, kids or lawyer will be in touch. Be wary of caregivers and suitors, especially if you notice signs of substance abuse or other red flags. Limit the purchases and donations you make by check, which may list your home address or other key data. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.et dolore magna aliqua. Quis ipsum suspendisse ultrices gravida. Risus commodo viverra maecenas accumsan lacus vel facilisis.