First Some Announcements:
Happy New Year!!
Recent Blog Posts include Do You Have These Financial Basics Down? January Is National Financial Wellness Month, Retirement Plan Options for the Self-Employed, & More: AscendInvestment.com/GarrettsGarage
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Taxes, Taxes, Taxes
“In this world, nothing is certain except death and taxes.” – Benjamin Franklin
The IRS has been releasing ideas on how to prepare for your 2022 taxes. (More information can be found by clicking here.) We wanted to highlight a few key ideas to make your tax experience go as smooth as possible in 2022.
The first suggestion is to gather and organize your tax records. Double checking that you have all your expected tax information is easier said than done. For example, most income you receive is taxable and records might include:
Form W-2 – income from employer(s) Forms 1099 – from banks, investment companies, dividend distributions, pension, annuity, or retirement plan income. Form 1099-K, 1099-MISC, other income statements for “gig economy” workers Form 1099-INT for interest income Other documentation from virtual currency transactions (cryptocurrencies) Form 1095-A Health Insurance Marketplace Statement
In addition, 2021 brought about the Advanced Child Tax Credit Payment and the Economic Impact Payment and if you received either of those you need to be on the lookout for additional documents. Below are the two letters you need to keep an eye for:
Letter 6419 is used to reconcile the advance Child Tax Credit payments
Letter 6475 is used to determine eligibility to claim the Recovery Rebate Credit.
Taking a minute to review which documents you should expect is one way to be ready for the coming year. This can be as simple as looking at what you received last year which is a good starting point for this year. One nice addition is the IRS online portal.
The IRS has an online account portal where you may have access to a number of things including:
Economic Impact Payments Child Tax Credit Portal Key data from your most recent tax return Details around payment plans
More information about your online account can be found here: https://www.irs.gov/payments/your-online-account
At Ascend Investment Partners we are always happy to work with you tax professional to get your correct tax information. Documents relating to your accounts here will start being sent to you starting around the end of January. If you meet with your tax professional, please let them know you are working with us and share our contact information. With your permission we look forward to making the process as smooth as possible.
Have a Happy New Year!
Garrett G. Smith
Ascend Investment Partners
Paul M. Norman, CFP®
Senior Financial Advisor
Ascend Investment Partners
214 South Main Street
Logan, UT 84321
175 Historic 25th Street
Ogden, UT 84401
Ascend Investment Partners is not a legal or tax advisor. You should consult with your attorney, accountant and/or estate planner before taking any action.
Ascend Investment Partners did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Ascend Investment Partners or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.
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The commentary on this website reflects the personal opinions, viewpoints and analyses of the Ascend Investment Partners employees providing such comments, and should not be regarded as a description of advisory services provided by Kesler, Norman & Wride, LLC dba Ascend Investment Partners or performance returns of any Ascend Investment Partners Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Ascend Investment Partners manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.