10 Tax-Related Questions to ask your Financial Advisor in 2024


Thinking about learning more about the way your financial advisor thinks? Here are 10 questions you can ask your financial advisor about tax advantages in 2024:

General Strategy:

  1. Given my income and current financial situation, what are the top 3-5 tax advantages I should consider for 2024?

  2. Are there any potential changes in tax policy in 2024 that might impact my strategies?

  3. Should I prioritize maximizing deductions, credits, or other tax-reduction methods this year?

Retirement Savings:

  1. How can I optimize my contributions to retirement accounts like IRAs or 401(k)s for tax benefits in 2024?

  2. Are there any new catch-up contribution options available for retirement accounts that I should be aware of?

Deductions and Credits:

  1. Do I qualify for any special deductions or credits this year, such as those related to education, healthcare, or energy efficiency improvements?

  2. Should I itemize deductions or take the standard deduction this year? Which will be more advantageous for me?

  3. Are there any charitable giving strategies I can utilize to maximize my tax benefits in 2024?

Investment Strategies:

  1. Are there any tax-advantaged investment vehicles I should consider, such as municipal bonds or Roth IRAs?

  2. Should I consider making any adjustments to my current investment portfolio to minimize my tax liability in 2024?

Remember:

  • Be specific about your individual circumstances and financial goals.

  • Don't hesitate to ask for clarification or ask follow-up questions based on your advisor's answers.

  • Keep a record of your discussion and any recommendations you receive.

By asking these questions and working with your financial advisor, you can develop a tax-wise strategy for 2024 and potentially reduce your overall tax burden.

Ted Middleton