February 2024
Financial Planning

It’s that time of year again. It’s tax time! Below is some helpful information that you can use to assist you in 2024.

2024 Tax Filing Deadlines:

• Personal Tax Return: April 15th, 2024

• Personal Tax Return Extension: October 15th, 2024

• Estimated Tax Payments: April 15th, 2024, June 17th, 2024,

• More Information: September 16th, 2024, January 15th, 2025

Is it a Credit or a Deduction?

If you are confused by the difference between the two, you are not alone. A tax deduction reduces your taxable income, which in turn, lowers the amount of taxes you may pay by the amount of your tax bracket. So, if you are in the 20% tax bracket, a $100 deduction saves you $20. Contributions to an IRA or HSA, may be tax deductible and may help lower your taxable income for 2023. Contributions would have to be done by April 15th or by the time you file your taxes. Reach out to us to see if there is anything else you can do to help lower your 2023 taxable income.

In contrast, a tax credit allows you to direct where your tax dollars go; it does not mean you pay less money. Every state has their own host of credits available and we have links to those offered in Arizona and Utah below.

As always if you need assistance, we are here to provide you with as many answers as we can. While we do not prepare tax returns, we are well versed in the information you need to complete your returns and, if more help is needed, we have a number of outstanding tax professionals we can refer you to!

Arizona Tax Credit Summary
Utah Tax Credit Summary

If you have questions, please contact us.

MARKET UPDATE
401(K) ALLOCATION

To download the February 2024 Newsletter: CLICK HERE