Preparation for the 2023 Tax Season

New year, new goals, new calendar, and new tax season! Want to start 2024 off on the right foot? Make an appointment with your tax preparer and give yourself ample time to gather important documents. You can also check here to fill out those important deadlines in this year’s calendar:

Read below or click here for a downloadable version.

Preparation for 2023 Tax Season

Key IRS dates for tax year 2023: 

  • December 29th, 2023: Last day to sell securities to realize a gain or loss. 
  • December 29th, 2023: Last day for employees to contribute to a qualified retirement plan (including 401(k), 403(b), 457, Solo 401(k), and SIMPLE IRAs).
  • December 8st, 2023: Last Day for QCD in kind transfers, reregistering network shares
  • December 8th, 2023: Last day for QCD for mutual funds.
  • December 15th,2023: Last day for QCD for equities and ETF transfers. 
  • December 8th, 2023: Last day to submit contributions/wire cash or securities to DAF. 
  • December 29th, 2023: Last day to complete charitable contributions for 2023 (Be sure you allow enough time to complete donations that may require additional lead time).
  • December 15th, 2023: Last day to do Roth conversion for 2023 calendar year.
  • January 16th, 2024: Fourth estimated payment for 2023 due.
  • January 31st, 2024: Deadline for employers to send W-2s/1099s to individuals. 
  • January 31st, 2024: Deadline for financial institutions to send 1099s to individuals (Delayed 1099s will be sent 30 days after).
  • April 16th, 2024: Deadline to file individual income tax return or file for an extension with IRS.
  • April 16th, 2024: Last day to contribute to traditional and Roth IRAs for 2023.

Documents you may need to file your 2023 taxes: 

  • Copies of your 2021 and 2022 – income tax returns. 
  • W-2 from your employer. 
  • Brokerage statements (1099-B) and any statements showing investment purchase/sale dates. 
  • Dividend and interest statements (1099-DIV and 1099-INT and 1099-OID). 
  • Social Security statement (1099-SSA) and/or retirement distributions (1099-R), if applicable. 
  • Statements reporting profits from partnerships, trusts and small businesses (K-1). 
  • Mortgage interest statements (1098).
  • Student loan interest (1098-E).
  • Distributions from educational accounts – 529 and Coverdale plans (1099-Q).
  • Receipts or proof of charitable gifts, medical/dental expenses, education expenses, moving expenses, and daycare/childcare expenses.

If you have contributed to a Roth Individual Retirement Account (RIRA), please notify your tax preparer of this transaction. If applicable, there are income limits to contribute to a RIRA:

  • Single or Head of Household – $138,000 – $153,000 (Modified Adjusted Income)
  • Married Filing Joint – $218,000 – $228,000 (Modified Adjusted Income)
  • Married Filing Separately – $0 – $10,000 (Modified Adjusted Income)  

801 Crescent Centre Drive, Suite 600, Franklin, TN 37067

tommy.doerfler@raymondjames.com ● www.LighthouseWealthGroup.com ● Office: 615-861-6103 ● Fax: 615-778-1789

Investment advisory services offered through SageSpring Wealth Partners.. an independent registered investment adviser.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. SageSpring Wealth Partners and Lighthouse Wealth Group are not registered broker/dealers are independent of Raymond James Financial Services. Representatives may not be registered to offer securities and advisory services in all states. Raymond James and its advisors do not offer tax or legal advice. You should discuss any ta and legal matters with the appropriate professional.

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The Forbes America’s Top Wealth Advisors 2023 ranking, developed by SHOOK Research, is based on inperson and telephone due diligence meetings and a ranking algorithm that includes: a review of best practices, client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. This ranking is based upon the period from 6/30/2021 to 6/30/2022 and was released on 4/4/2023. Investment performance is not a criterion because audited records rarely exist and clients have varying risk levels. Rankings are based on the opinions of SHOOK Research, LLC and not indicative of future performance or representative of any one client’s experience. Research Summary (as of April 2023): 39,007 Advisor nominations were received based on high thresholds. 22,243 Advisors were invited to complete the online survey. SHOOK has conducted over 17,546 telephone interviews with advisors. 3,557 Advisors were interviewed in-person at the Advisors’ location and 1,361 interview were web-based. Final list of the top 250 advisors was then compiled based an algorithm that considers both quantitative and qualitative criteria. This ranking is not indicative of an advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please see https://www.forbes.com/lists/best-in-state-wealth-advisors/?sh=181ba856ab97 for more info.

The Forbes Top Wealth Advisors Best-In-State 2023 ranking, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. This ranking is based upon the period from 6/30/2021 to 6/30/2022 and was released on 4/4/2023. Those advisors that are considered have a minimum of seven years of experience, and the algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Out of approximately 39,007 nominations, 7,321 advisors received the award. This ranking is not indicative of an
advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please visit https://www.forbes.com/lists/top-wealth-advisors/?sh=4281b4c61c7c for more info.

*Forbes Best-in-State 2022 Methodology: https://www.forbes.com/sites/rjshook/2022/04/07/methodology-forbes-best-in-state-wealth-advisors-2022/?sh=19b3e6237fee

Forbes Best-in-State 2021 Methodology: https://www.forbes.com/sites/rjshook/2021/02/11/forbes-best-in-state-wealth-advisors-methodology-2021/?sh=4f642acb6d22

Tommy Doerfler, 2020, The Forbes Next-Gen Wealth Advisors rankings, developed by SHOOK Research, is based on an algorithm of qualitative criterion, mostly gained through telephone and in-person due diligence interviews, and quantitative data. Those advisors that are considered are under 40, have a minimum of four years’ experience, and the algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass the highest standards of best practices. Portfolio performance is not a criterion due to varying client objectives and lack of audited data Rankings are based on the opinions of SHOOK Research, LLC. Research Summary (as of April 2020): Out of 32,000 nominations received, 500 made the final list in 2020. Neither SHOOK nor Forbes receives compensation from the advisors or their firms in exchange for placement on a ranking. Raymond James is not affiliated with Forbes or Shook Research, LLC.  This ranking is not indicative of advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Please visit https://www.forbes.com/top-next-gen-advisors for more info.

**Raymond James Leader’s Council, Tommy Doerfler, (2014-2023): Membership is based on prior fiscal year production. Re-qualification is required annually.  The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of advisors future performance. No fee is paid in exchange for this award/rating.

***Above and Beyond Award, Tommy Doerfler, 2017: This ranking is not based in anyway on the individual’s abilities in regards to providing investment advice or management. This ranking is not indicative of advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Raymond James is not affiliated with SageSpring Wealth Partners.

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