Tax Planning: Timing is Everything

While it was a relief to have an extension till October 16 this year to file 2022 tax returns, the 2023 tax season is just around the corner in January. According to many financial advisors and even the IRS, we should think of tax planning year-round and even years into the future. What you do now may have significant consequences on the taxes you could owe or on a refund you expect.

What is Tax Planning?

According to Investopedia, tax planning should be an essential part of an individual's financial plan especially if you invest or are planning to. Tax planning is the analysis of a financial plan’s elements to ensure they work together in order to minimize your tax liability. This will help maximize the ability to contribute to retirement plans and other important investments such as housing which are important for financial security. Note these important points:

  • Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible.
  • Considerations of tax planning include the timing of income, size, the timing of purchases, and planning for expenditures.
  • Tax planning strategies can include saving for retirement in an IRA or engaging in tax gain-loss harvesting.

Join an Online Tax Planning Workshop

On October 10, 2023 at 7 PM, the Santa Clara County Library District and Financial Planners Association of Silicon Valley, will present a workshop on how you might optimize your tax situation now while taking into consideration your future tax bracket.  The speaker is Certified Financial Planner, Larysa Prytula. Registration is required in order to receive the Zoom link.


Additional Tax Tips

  • All IRS forms, instructions and publications can be found on this webpage
  • Check for the latest tax information
  • Avoid processing delays and speed refunds by setting up an account and log in securely at gov/account to access personal tax account information including balance, payments, and tax records including adjusted gross income.
  • File a complete and accurate return electronically when ready and choose direct deposit for the quickest refund.
  • California state tax forms such as the 540 Personal Income Tax Booklet can be downloaded from this website. Alternatively, you can download them from the California Franchise Tax Board Forms and Publications website.

Free Tax Preparation and Filing Assistance

IRS VITA Locator Tool

Use the VITA Locator Tool to locate the nearest VITA and Tax Counseling for the Elderly (TCE) site. You can also call 800-906-9887.

California Franchise Tax Board Help

This webpage provides answers to many questions you may have about filing your California tax return. 

Tax Resources at the Library

J.K. Lasser's Your Income Tax 2022

Lower Your Taxes -- Big Time by Sanford C. Botkin

Deduct It! Lower Your Small Business Taxes by Stephen Fishman

Finance Foundations: Income Tax course by Earl Stice and Jim Stice from LinkedIn Learnin