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Annex Wealth Management 2022 Year-End Tax Guide

Tax laws seem to change each year, which is why Annex Wealth Management produces its Year-End Tax Guide. This year, some taxpayers will experience changes in tax law regarding deductions. Make sure to review how – or if – your tax situation has changed.

As always, let us know if you need any assistance in implementing or updating your tax plan.

1 | Week In Review

Inflation Softer Than Expected, Keeping An Eye On US Dollar

Thursday brought the best returns in seven years, with inflation continuing a downward trajectory. Annex Wealth Management’s Dave Spano and Jason Cooper discuss.

2 | Poll Recap

Does Your Tax Strategy Need Consideration?

Last week we asked about your tax strategy for 2022 and whether you’ve considered re-evaluating. This question arose from the results of a recent survey of tax professionals; it was found that most of them are re-evaluating tax strategy for 2022 with potential legislation in mind or actively implementing changes in response to legislative developments.

Here are the results of our survey: (Percentages are based on the number of respondents)

• Yes – 44%
• Unsure – 21%
• No – 36%

2022 tax planning considerations include a variety of internal and external factors, including economic volatility, supply chain issues, remote work, inflation, and COVID-19.

If you’re considering re-evaluating your tax strategy, or have any questions about your current strategy, reach out to your Wealth Manager or Client Service Manager today to get the conversation started.

3 | Client Exclusive

Annex Client Event

Do you know your route – and your obstacles – to retirement?

With retirement on the horizon, or perhaps imminent, you may be wondering about asset allocation, taxation, distribution planning, and where your cash flow will come from to generate your retirement replacement paycheck.

We’d like to present to you Destination: Retirement – Calibrating Your Plan. In this interactive workshop we will give you takeaways to help make the most of your partnership with Annex as you enter this new chapter.

The discussion will include smart tax planning around IRMAA and HSAs, better understanding of next steps around the timing of social security and cash inflows, and choices that will drive expenses and how Annex builds them into your financial plan. We will also look at the “softer side” of planning such as “what will I do and where will I do it” in retirement. All this being geared toward helping you answer the important questions, like “Am I ready to retire now?” and “What are some additional considerations?”

This workshop is specially for current Annex clients to prep them for a positive partnership with Annex as they gear up to and go through retirement.

Click HERE to register!

The 2022 Tax Deadline is April 18, 2023.

In 2023, April 15th is on a Saturday, which normally means the next business day is deemed as Tax Day. However, Washington D.C. recognizes Emancipation Day, which falls on Monday, April 17th. As a result, Tax Day has been pushed until the following Tuesday, April 18th.

5 | Ask Annex

In this week’s Ask Annex, Wealth Managers Sarah Kyle and Randy Winkler, CFP®, field questions about converting insurance policies, paying down debt, and what type of accounts to consider opening for a newborn.

Do you have a question for Annex Wealth Management? Drop it here: annexwealth.com/ask

6 | Quote of the Week

Events & Webinars

Annex Wealth Management has always been committed to client growth and education. Planning and saving can be demanding. We’ve found that when our clients master key concepts, it often enhances working together to reach their goals. Because these are not sales presentations, our clients benefit from a truly informative experience.