It’s not too late to still save some taxes for 2021. The following plans can still be established for the tax year 2021 for some small business owners and other individuals and help reduce taxes:

• SEP IRA
• Traditional IRA

To help you build a foundation for peace of mind in 2022, a simple budgeting tool for your business and personal finance can do the job. It will help prevent analysis paralysis and inaction, as well as overconfidence and making wrong decisions.

In 2022, you could be in one of the following life cycle phases and each of them requires special attention for tax saving and planning strategies:

• Asset accumulation phase
• Conservation/protection phase
• Distribution/gifting phase

Conversations about taxes can be intimidating. Not only are the tax bills complex, but also there’s the issue of “you don’t know what you don’t know”. So don’t be afraid to have a conversation with your financial planner.

2022, let’s have more peace and prosperity!