📅 Tax Season Is Over — Now the Real Planning Begins
As April fades into May, many individuals and families breathe a sigh of relief: another tax season is in the books. But for successful professionals, business owners, and retirees with complex financial lives, filing the return is only the beginning.
At Asempa Wealth Advisors, we see this moment as an opportunity — a perfect time to revisit your broader financial plan and identify areas that may have been overlooked during the rush to file. Below are key strategies we’re reviewing with our clients right now to ensure they stay ahead:
💸 1. Are You Harvesting Tax Losses — Strategically?
Tax loss harvesting isn’t just a year-end move. Mid-year is often the best time to evaluate your portfolio for unrealized losses that can be used to offset capital gains — especially for those with concentrated equity positions or large liquidity events on the horizon.
🙌 2. Are You Giving Intentionally — and Efficiently?
Many high-income taxpayers make charitable gifts but miss out on strategies that can multiply their impact:
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Qualified Charitable Distributions (QCDs) for those over 70½ taking RMDs
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Donor-Advised Funds (DAFs) funded with appreciated stock or even private shares
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Gifting highly appreciated securities instead of cash
These moves can significantly reduce your tax liability and amplify the benefit to causes you care about.
🏛️ 3. Are You Maximizing Retirement Contributions?
For business owners or professionals with 1099 income, the window to contribute to a SEP IRA for 2024 remains open until your extended tax filing deadline. This can be a powerful tool for reducing current income and boosting long-term retirement savings.
👨👩👧 4. Are You Thinking Generationally?
If you intend to transfer wealth to children or grandchildren, the months following tax season are ideal for reviewing your gifting strategy. You may want to explore:
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Annual exclusion gifts using appreciated stock
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Strategic use of lifetime exemption before potential legislative changes
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Family gifting via DAFs or charitable trusts
Planning now can help ensure you’re not leaving opportunities on the table — especially if market conditions or tax laws shift later this year.
📞 Ready to Review?
Tax season is about reporting the past. Financial planning is about designing the future. If you or your CPA identified areas of concern — or even “what-if” questions — now is the time to turn them into action.
At Asempa, we work closely with our clients and their tax professionals to ensure financial decisions are coordinated, intentional, and forward-looking.
Want to schedule a planning review or learn how these strategies might apply to your situation?
👉 Click here to schedule a conversation or contact us directly.
Disclosure
The information contained herein is for informational purposes only and is not intended to constitute legal, tax, securities, or investment advice, nor should it be construed as a recommendation or opinion regarding the appropriateness of any investment strategy or approach. Nothing presented constitutes a solicitation or offer to buy or sell any securities. Investing involves risk, including the potential loss of principal. There is no assurance that any investment strategy discussed will achieve its objectives or provide positive performance over any period of time. Past performance is not indicative of future results. Investors should consult with their own professional advisors before making any investment or financial decisions.