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Tax Season is upon us again!
Though Tax Day is ordinarily April 15, it is on April 18 this year. This unusual occurrence is due to April 15 falling on Saturday with the following Monday being the observance of Emancipation Day. Emancipation Day celebrates the end of slavery in Washington D.C., and commemorates the day that Abraham Lincoln signed the Compensated Emancipation Act on April 16, 1862. As a legal holiday in D.C., Emancipation Day impacts tax deadlines equivalently to a federal holiday and is always celebrated on the weekday closest to April 16—Monday, April 17, this year.
The Internal Revenue Code of 1954 changed the tax filing deadline from March 15 to April 15, and it has been so ever since, unless the April 15 falls on a weekend or a holiday, as is the case this year.
So, in 2023, taxpayers have until Tuesday, April 18, to ensure that all of their documents are in order and taxes are filed for 2022!
It is best to be prepared early with all of the necessary documents, and if you need to obtain statements from Ambassador Advisors, it is not too early to ask! In fact, requesting them early gives us ample time to get them to you and saves you from the last-minute scramble of trying to obtain what you need the week before the deadline. It also gives you time to make 2022 tax-year contributions to an IRA, if you have not yet met the yearly limit. Previous year contributions are possible until tax filing or tax day.
It is also the perfect time to evaluate your finances and discuss the best ways to give to churches or charities close to your heart with your advisor. Not only is supporting charities an act of generosity and stewardship with the resources God has given you, but it also may be financially savvy in the long run when it comes to your taxes.
Depending on the type of donation and what organization you contribute to, there’s a good chance that a significant portion of your charitable donations may be tax-deductible, saving you money. You may also be able to make a gift “in kind” of appreciated assets. which can be tax advantageous when there are capital gains. Your advisor can help you explore the best options to maximize your savings as you support the causes that you care about.
Contact Ambassador Advisors today to discuss your charitable giving and to ensure that Tax Day will not leave you frazzled. We can help you evaluate prior-year retirement contributions to possibly even reduce taxable income before you finally have to file! There is no need to stress – file your taxes early and enjoy the benefits of being organized and prepared.
Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc.(APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.
This material is for informational purposes only. Neither APFS nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions. Information has been obtained from sources believed to be reliable and are subject to change without notification. The information presented is provided for informational purposes only and not to be construed as a recommendation or solicitation. Investors must make their own determination as to the appropriateness of an investment or strategy based on their specific investment objectives, financial status and risk tolerance. Past performance is not an indication of future results. Investments involve risk and the possible loss of principal.