The 1040 tax filing this year can reveal opportunities for planning

Bill Cass, CFP®, CPWA®

Bill Cass, CFP®, CPWA®, 02/13/19

This is the first year of tax filing since the implementation of the Tax Cuts and Jobs Act. In reviewing their 1040 tax filing, taxpayers may find that they fall into a new tax bracket. They may also note that contribution limits have increased across many accounts including health savings accounts and retirement savings plans such as 401(k)s and IRAs. (See 2018 tax rates, schedules, and contribution limits.)

Chris Hennessey discusses some of the planning considerations for clients during tax season.

  • Review the current 1040 tax return for implications for 2019 tax planning
  • Conduct a retirement plan check-up
  • Assess contributions made to Roth IRAs and pretax savings for potential adjustments
  • Include time for a beneficiary review