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Important Tax Deadlines To Keep in Mind

Reef Point LLC · March 7, 2023 ·

Important Tax Deadlines To Keep in Mind | Reef Point LLC

Every year, the Internal Revenue Service chooses a date at the end of January to mark the beginning of tax filing season. In 2023, that date was Monday, January 23rd. The traditional filing deadline is April 15th, but weekends and holidays alter the date. You have until April 18, 2023, to e-file or mail your taxes. However, those two dates are not the only significant dates you need to know about.

Know Your Tax Deadlines

The primary types of deadlines most individuals need to be aware of are estimated tax, extension and deduction deadlines.

Estimated Taxes

The IRS requires most people who earn an income to contribute to taxes throughout the year. When you work for an employer and receive a W-2, your taxes are deducted from your paycheck. However, if you are self-employed or a freelancer, you pay quarterly estimates once your tax liability crosses a threshold.

If you file quarterly estimated taxes, your final installation for 2022 is due on January 17, 2023. Your first quarter installment for the 2023 tax year is due on April 18th, the second on June 15th and the third on September 15th.

Extension Deadlines

You have until April 18th to file your tax returns unless you file an extension. If you need an extension, you must file it by Tax Day. After you submit a request to delay filing, you have until October 16, 2023, to file. If you expect to owe taxes, the IRS expects you to pay an estimated tax by April 18th.

Deduction Deadlines

If you need last-minute deductions to reduce your tax liability, you have a few options even after the first of the next tax year. You have until Tax Day to make a tax-deductible contribution to your IRA account. Bear in mind that Roth IRAs are ineligible. The IRS also sets limits on tax-deductible contributions, which vary based on income and employee benefit status.

Plan for the Current Tax Year

It seems unfair that you should think about this year’s taxes when dealing with last year’s. However, the best tax strategy is one you implement year-round. You can lower your tax burden by timing activities with the greatest impact, such as large purchases and sales.

Deferred Sales Trust

If you intend to sell investment real estate, a business or corporation, or another high-value asset, you need to consider how the sale will affect your taxes. Assets appreciated at the time of the sale may be subject to capital gains taxes. Before you sell these assets, you might want to consider whether a Deferred Sales Trust is right for you.

A DST allows you to defer your taxes until later and can reduce your overall liability. It also can provide you with a retirement income while simultaneously growing your wealth.

Get Started on Your DST With Reef Point

Reef Point’s sole purpose is to provide DST services for our clients. When you work with us, you work with one of only 13 approved Trustees in the country and a network of experienced professionals.  Contact us today to learn more about our services.

Sources:

https://www.irs.gov/taxtopics/tc409

https://www.irs.gov/newsroom/irs-sets-january-23-as-official-start-to-2023-tax-filing-season-more-help-available-for-taxpayers-this-year

https://www.irs.gov/retirement-plans/ira-deduction-limits

Tax Strategy

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Reef Point LLC was founded by Gregory H. Reese who is one of only 13 Trustees in the US for Deferred Sales Trusts.

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As an authorized and approved Trustee for the Deferred Sales Trust and Member of the Estate Planning Team (EPT), Reef Point, LLC promotes the use of the Deferred Sales Trust™ or other estate planning techniques and is not responsible for recommendations made by other members of the Estate Planning Team, including the Deferred Sales Trust or other tax, legal or estate planning strategies.

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