The Tax Cuts and Jobs Act (TCJA) of 2017 significantly changed our tax landscape. However, most changes were temporary and set to expire or “sunset” at the end of 2025. This means some essential tax-saving tools may disappear.

In other words, time is running out to maximize particular tax savings – unless Congress takes action. We don’t know about you, but counting on Congress to do anything feels like a roll of the dice. We can take action now to set ourselves up for success regardless of what happens.

Getting accurate and timely information is critical to your success every tax season. Unfortunately, not all of the details about your financial life show up in your tax documents. Your accountant will need your input to understand the context of your tax documents.

You don't want to miss out on any potential tax savings or make a mistake on your taxes. This is why communicating and collaborating with your financial planner and accountant is so important. Timely and accurate information can prevent problems and possibly keep more money in your pocket.

This post was last updated on December 30, 2023, to reflect all updated information and best serve your needs.

Understanding when capital gains can push you into a higher tax bracket is very important.  The final step of investing success is keeping your hard-earned cash where it belongs – in your bank account!