Episode 43: 2023 Tax Review & 2024 Tax Planning

by Financial Design Studio, Inc. / May 13, 2024

After preparing almost 200 tax returns, our team shares what we noticed about the 2023 tax season, and what to know for 2024 tax planning. We cover everything from charitable gifts, IRA contributions, rental properties, and child credits. If you want to learn more about tax planning, find our guide to Tax Savings Strategies in the shownotes!

Take a listen right here, or head over to your favorite steaming platform!

Key Moments

3:15 What did we notice in the 2023 season?

8:14 Donor Advised Funds and Charitable Giving

12:36 Making Online Payments

20:00 How to control what you will owe

23:55 IRA and Retirement Account Contributions

28:44 Multiple States of Residence

36:22 Inherited Money, Trusts, or IRAs

40:57 Child Credits and Education

44:05 Required Minimum Distributions (RMDs)

48:20 Rental Property Depreciation and Gains

Related Links

Learn more about financial planning strategies related to donating appreciated stock and health savings accounts (HSAs).

Read Rob’s article on Net Unrealized Appreciation as a tax strategy.

Check out our videos on Roth Conversions, Backdoor Roth Conversions, and Mega Backdoor Roth Conversion.

Learn more about the SECURE Act and how it affected inherited IRA rules.

Stay Connected!

If you want to hear even more episodes, like this one, be sure to subscribe to the Behind the Designs podcast on your favorite streaming platform! The Behind the Designs podcast shares with you an inside perspective at how financial advisors think about money. We’ll see you in the next episode.

Credits for Episode 43

Executive Producer : Anna Lewis

Host : Michelle Smalenberger, CFP®

Guest : Steve Smalenberger, EA

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Financial Design Studio, Inc.

We are financial advisors in Deer Park and Barrington, IL. A team with a passion for helping others design a path to financial success — whatever success means for you. Each of our unique insights fit together to create broad expertise, complete roadmaps, and creative solutions. We have seen the power of having a financial plan, and adjusting that plan to life. The result? Freedom from worrying about the future so you can enjoy today.