With April’s federal tax filing and payment deadline on the horizon, Americans are dotting their
i’s and crossing their t’s as they prepare for the countdown to Tax Day. But before you rush to get that return out
the door, are you confident you have everything in order to make your tax filing go as smoothly as possible? Here
are five last minute details to double check before Tax Day.

Ensure Your Paperwork Is In Order

It is important to ensure that necessary documents (digital online or hard copy) are organized so
you can take advantage of all possible deductions.

Max Out Your Advantaged Accounts

Even though the deadline has passed (Dec. 31, 2022) for 401(k) contributions, it is still possible
to contribute the max to your Roth IRA or traditional IRA accounts ($6,000 or $7,000 if aged 50 or over) until April
18, 2023. Keep in mind that if you have a Roth IRA, there are contribution limits that take effect based on your
income. Depending on whether you are a single or a joint filer, the amount you are allowed to contribute begins to
phase out in $600 increments as your income increases.

The contribution limit for a SIMPLE plan is $14,000 and for a SEP, contribution can’t exceed the
lesser of either 25% of the employee’s compensation, or $61,000.^[i]

Ensure You Understand The Deductions And Credits That May Benefit You

There are different deduction and credit opportunities out there that could benefit you during tax
time, including:

• Earned income tax credit (EITC)
• Charitable contribution deduction
• American Opportunity tax credit
• Child tax credit (CTC)
• Deducting moving expenses for members of the military

It may be beneficial to seek the help of an experienced financial professional to learn which
deductions and credits could benefit you.

Set Up Direct Deposit

If you haven’t done so yet, consider setting up direct deposit so that if you are eligible for a
refund, it will hit your bank account faster.

Consider Consulting a Financial Professional

The world of taxes can be complex and though there are online tax preparation apps and
do-it-yourself tax manuals available, it can be difficult to navigate which benefits might work for you. It is
highly encouraged that you consult a financial professional and discuss your financial situation and goals. Some of
the nuances you might encounter could be:

• Getting the most out of any credits or deductions that you are eligible to take.^[ii]
• Accessing the correct information to use from your brokerage statement regarding your investment
  accounts.^[iii]
• An understanding of future tax projections and their impact on your financial strategy.^[iv]

Consider speaking with your team at Planned Financial Services and make the most of this tax
season and beyond.

Important Disclosures

Investment advice offered through Planned Financial Services, a Registered Investment Advisor.

The opinions voiced in this material are for general information only and are not intended to
provide specific advice or recommendations for any individual or any investment product. To determine which
investment(s) may be appropriate for you, consult your financial professional prior to investing.

This information is not intended to be a substitute for specific individualized tax advice. We
suggest that you discuss your specific tax issues with a qualified tax advisor.

The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may
be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to
age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax.
Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.

Contributions to a traditional IRA may be tax deductible in the contribution year, with current
income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to
current income tax.

All information is believed to be from reliable sources; however, Planned Financial Services makes
no representation as to its completeness or accuracy.

This article was prepared by LPL Marketing Solutions

Footnotes:

^[i] Deadline to max out
retirement accounts for 2022 (cnbc.com)

^[ii] Credits &
Deductions for Individuals | Internal Revenue Service (irs.gov)

^[iii] Your Brokerage
Statement: How to Read and Make Sense of It | FINRA.org

^[iv] Tax Planning: What
It Is, How It Works, Examples (investopedia.com)

Tracking # 1-05366479