Instead of writing about traditional new year’s goals and objectives I decided to talk about the most important part of our lives, after our health and happiness, our money. For the year 2023, we are done earning and now in the next three and a half months we will be busy preparing for our tax returns and filing by April 15th.


As a lay person we may not know the most in-depth tax filing strategies however having a basic understanding of how filing your taxes works and what can be done to do it correctly is always helpful. The tax that we pay is also our money. We give it to the government for the privileges and the services that it provides to us as citizens. We have every right to research, question, and plan so that we can maximize our retained income and minimize the taxes that we pay. I am not a CPA accountant or a tax lawyer, however, I can share with you my experience and guide you to the public information provided by the IRS and the New York State Department of Taxation and Finance. In the following tables, we are providing a summary of tax tables and schedules with the references to the IRS and New York State Taxation websites for your convenience. This is the starting point.


Please consult with your CPA or financial advisor to find out how you can further contribute to your retirement accounts such as a 401k, IRA, ROTH IRA to have better tax positioning for 2023 and perhaps strategize for the new year 2024. Even if you are young, and retirement seems far, far away, it still is a tremendous advantage to plan ahead and save tax dollars for the future. It adds great value to your net worth and as you must have heard time flies when you are having fun. We will continue on this theme over the next three months to provide you with information and resources to help you be prepared for your future. We wish you all the best for the new year.

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