Executive Order 14247 requires federal disbursements, including income tax refunds to migrate from paper to digital form. As can be imagined this is causing some bottlenecks in receiving refunds. Through mid-March, 1.4 million refunds were stuck due primarily to this change. If this happens to you, you will receive an IRS notice CP53E. Here is what you need to know.

The Primary Causes

No bank account

Your tax return did not have a direct deposit account noted.

Name mismatch

You file a joint tax return, but you have the refund direct deposit in a bank account with only one name on it. Or the name on the bank account simply does not match the name on your tax return.

Bank rejection

For whatever reason, you bank rejects the deposit. Either you made an error on the account or routing number, or the bank simply rejects the transaction for some unknown reason.

What to Do

Try to understand the error

Do this first, so that you know what action to take. Otherwise, you run the risk of repeating the error and will not solve your problem.

30 days to respond

You have 30 days to respond to the notice by going to www.IRS.gov/CP53E. It will direct you to either create or log into your online account at the IRS, an IDme account. Then follow the instructions to correct the error.

Use where is my refund

This online service tracks the status of your refund. This is a good tool to use to track your refund even if you do not receive a CP53E notice. You will need your social security number, the exact amount of your refund, filing status and tax year. This can be found at: https://www.irs.gov/refunds

Wait

What the notice DOES NOT tell you is that if you do not respond, the government will still issue a paper check. But it will take up to six weeks. In this case, double check your address to ensure it is valid.

What NOT TO DO

Try to get the IRS to fix it

The IRS cannot take your bank account information over the phone. They will direct you to create or log into your online account.

Get someone else to correct it

Unfortunately, you have to fix this one yourself. The IRS does not want you to file an amended tax return to fix this problem, and you should not be providing access to your online account to anyone other than you.

Do nothing

If you do not receive your refund timely, take action. The problem could be unrelated to a direct deposit error. In this case the first place to start is to use the “Where is My Refund?” service.

A Quick Note on Payments

If you owe money on your taxes, you can still pay using a paper check. This is not the government’s preferred method of receiving funds, but it is still available to you.

The impact of this transition has been significant, prompting concern from both the Treasury Department and the House Ways and Means Committee as they push the IRS to find solutions.

If you receive a CP53E notice, know that you are not alone, and taking prompt action is the best way to get your refund back on track.

More Resources:

• Mailing a Paper Check for Tax Day? Here’s What You Need to Know [VIDEO]
• What Do Postmarks, Pennies, and Paper Checks Have to Do with Your Taxes? [VIDEO]
• IRS Clarifies Paper Check Phaseout: What Taxpayers Need to Know

The post Refund Delay? Understanding IRS Notice CP53E appeared first on Alloy Silverstein.

Below are answers to some of the most common end-of-tax-season questions our advisors hear this time of year.

Question: What if I can’t file my return on time?

Answer: April 15 is the traditional tax filing deadline for most individual income tax returns. If you can’t complete your tax return by then, file Form 4868 with the IRS to give yourself up to six additional months to complete your return. Caution: Form 4868 only extends your filing deadline; it does not extend your tax payment deadline. If your tax is not paid in full by April 15, you’ll face interest and penalties on the balance owed.

Question: What kind of penalties will I be charged if I pay my taxes late?

Answer: If you fail to pay all your taxes by the April 15* deadline, you’ll have to pay the IRS interest and penalties on your underpayment. The IRS charges interest at its prevailing rate, which it publishes quarterly. The late payment penalty is generally .5% for each month there is an unpaid balance, up to a maximum 25% penalty. When you file a late return with a balance due, another nasty penalty kicks in – the late filing penalty. This penalty amounts to 5% per month, for a maximum of five months. For example, if you owe $5,000 in taxes and failed to file a return or an extension by April 15, the failure-to-file penalty could build up to as much as 25% or $1,250.

*When April 15 falls on a Saturday, Sunday, or legal holiday, the deadline for filing is generally moved to the next business day.

Question: What if I owe more money to the IRS than I can pay?

Answer: The IRS offers several options to taxpayers who cannot pay their taxes in full when they file their return.

• You can charge your taxes on a credit card. The IRS’s credit card service providers charge a convenience fee of about 2.0% in addition to the interest rate your credit card company charges on your balance.
• You can request to pay your taxes to the IRS in installments. If you owe $50,000 or less and agree to pay off the balance within a six-year period, the approval process is pretty straightforward. Larger balances can be set up on an installment plan too, but they won’t be automatically approved. The IRS will continue to add interest and penalties to your account until you pay off the balance.
• You can enter into an offer-in-compromise agreement with the IRS to settle your tax bill and get off to a fresh start. Under this arrangement, the IRS will settle your account for a portion of the tax you owe if you agree to file and pay your future taxes on time. You’ll have to submit financial information to the IRS to prove that you don’t have the money or ability to pay off the entire balance.

Question: How can I check the status of my tax refund?

Question: After I filed my tax return, I discovered an error. How do I fix it?

Answer: Oversights and errors are not uncommon, so the IRS provides a way for you to correct them. You can correct your return for up to three years after you file your original return by filing an amended return with the IRS. You need to tell the IRS why you are correcting the return, and include the appropriate documentation with your amended return. If you’ve discovered income or deductions that you should have reported on your income tax return, give us a call. We can help you set the record straight and pay only the tax actually due.

Question: Who has to make estimated tax payments?

Answer: If you have income from which no income tax is withheld (such as business income), you may be required to make quarterly estimated tax payments. Also, if you don’t have enough income taxes withheld from wages and pensions to cover your tax liability, you may need to make estimated tax payments. Federal estimated taxes for individuals are paid with Form 1040-ES and are due on April 15, June 15, September 15 of the tax year involved and on January 15 of the following year. If this is your first year with self-employment income or increased interest and dividend income, review your requirements for quarterly estimates to avoid being penalized by the IRS.

Question: Is it wrong to receive a large income tax refund every year?

Answer: Usually yes, but that’s because it means you’re giving the IRS an interest-free loan when you could have the use of that money during the year to invest for yourself.

Instead, consult with your trusted CPA each year for tax planning and projections:

• Take the time to estimate your total tax bill for the year.
• Consider adjusting your withholding so that the amount your employer withholds comes closer to what you will actually owe on your tax return.
• Change your withholding at any time during the year by giving a new Form W-4 to your employer to make mid-year corrections.

Tax season may be winding down, but tax planning is a year-round activity. Stay ahead of tax deadlines and avoid surprises by partnering with an expert CPA for tax season and beyond.

The post End of Tax Season Questions: Know Your Options appeared first on Alloy Silverstein.

Here’s how to make sure you’re sharing your tax documents safely and securely.

Avoid Sending Sensitive Information via Email

It may seem like the easiest option, but standard email is not a secure method for sending confidential information. Documents that include Social Security numbers, tax forms, or financial details can be vulnerable to interception.

Use a Secure Client Portal

Instead of email, always use your CPA firm’s secure client portal. These portals are specifically designed with encryption and security measures to protect your data.

At Alloy Silverstein, we provide secure, encrypted portals so clients can safely upload and access their important documents anytime.

Double-Check the Recipient

Cybercriminals often use email addresses that closely resemble legitimate ones to trick you into sending sensitive information.

Before sending anything, carefully review the recipient’s email address for even the smallest discrepancies.

When in Doubt, Verify

If you receive a request that feels unusual or unexpected, don’t take chances. Reach out to your CPA directly using a trusted phone number to confirm the request before sharing any information.

Strengthen Your Account Security

Protecting your information doesn’t stop at sending documents—it also includes how you secure your accounts.

• Use strong, unique passwords
• Enable two-factor authentication whenever possible

These simple steps add an extra layer of defense against unauthorized access.

Watch for Suspicious Links

Tax season is a prime time for phishing scams. Be cautious of emails or messages asking for sensitive information, especially those that include links.

If something looks suspicious, don’t click… verify first.

Security Over Convenience

When it comes to your financial information, convenience should never outweigh security. Taking a few extra precautions can help protect you from fraud, identity theft, and unnecessary stress.

Stay Safe This Tax Season

Being proactive about security ensures your personal and financial information stays protected. If you have questions about securely sharing documents or need access to a client portal, your CPA firm is there to help.

More Resources:

• 10 Commonly Missing Tax Forms That Could Delay Your Tax Return
• Your Tax Planning Cycle Starts Now: Smart Moves After Filing Season
• Need More Time? How to File a Tax Extension
• What If Your Owe Taxes This Season, but Can’t Pay? [VIDEO]

The post How Do I Safely Send My Info to My CPA? [VIDEO] appeared first on Alloy Silverstein.

Rather than eliminating taxes on overtime entirely, this provision creates a new deduction that eligible taxpayers can claim in addition to either the standard deduction or itemized deductions. Understanding how it works can help you take full advantage of the potential tax savings.

Eligibility & Deduction Limits

This deduction is temporary and applies to tax years 2025 through 2028.

Eligible taxpayers can deduct up to:

• $12,500 per year for single filers
• $25,000 per year for joint filers

However, the deduction begins to phase out once modified adjusted gross income exceeds:

• $150,000 for single filers
• $300,000 for joint filers

What Counts as Qualified Overtime?

Not all overtime pay qualifies for the deduction. Only the “premium” portion, the amount earned above your regular hourly rate, can be deducted.

For example, if you earn $20 per hour and receive $30 for an overtime hour (time and a half), only the extra $10 qualifies for the deduction, not the full $30.

A Unique Challenge for 2025 Filers

For the 2025 tax year, employers are not required to report qualified overtime separately. This requirement begins in 2026.

As a result, taxpayers filing in 2025 may need to calculate their eligible overtime themselves. The IRS advises taxpayers to make a reasonable estimate using available documentation, such as pay stubs or payroll reports. Employers are encouraged, but not required, to provide this information.

How to Calculate Qualified Overtime (Simple Scenario)

If your overtime pay is strictly calculated at time and a half, the process is relatively simple.

You can take your total year-to-date overtime earnings (as shown on your final pay stub of the year) and divide that number by three. The result will give you an estimate of your qualified overtime amount.

More Complex Situations: Double Time & Pay Period Nuances

If you earn double time, such as for holidays or Sundays, the calculation becomes more complex.

Timing matters. For example, if you earn double time at the beginning of a workweek before exceeding 40 hours, that pay may not qualify at all. Additionally, how your pay period is structured (for example, whether Sunday is the first or last day of the week) can impact eligibility.

Even when double time does qualify, only the “extra” portion counts. Since double time is twice your regular rate, you would divide that overtime pay by four to determine the deductible amount.

Handling Mixed Overtime Rates

Many employees earn a mix of time-and-a-half and double time, often combined into a single overtime figure on pay stubs.

In these cases, use any available records to make a reasonable estimate. The IRS has indicated that they are unlikely to challenge well-documented, good-faith calculations for the 2025 tax year. Just be sure to keep all supporting documentation in case questions arise.

Final Thoughts

While the “no tax on overtime” provision doesn’t fully eliminate taxes on overtime earnings, it does offer a valuable opportunity for tax savings.

Because the rules can be nuanced, especially in the early years, it’s important to understand how to calculate your deduction accurately and maintain proper documentation.

If you’re unsure how this applies to your situation, consider speaking with a tax professional to ensure you’re maximizing your benefit while staying compliant.

More Resources

• New 2025 Tax Law: Overtime Pay Becomes Tax-Free for Many Workers
• Overtime Upgrade: Are Extra Hours Really Extra Tax Savings
• When Does No Tax on Tips and Overtime Take Effect? Breaking Down the 2025 Changes
• Stay Compliant in 2026: Tracking Overtime and Tips

The post What Is the “No Tax on Overtime” Rule and Who Qualifies? [VIDEO] appeared first on Alloy Silverstein.

Taking a proactive approach now can help you reduce future tax liability, optimize cash flow, and make strategic financial decisions all year long. Here’s how to kick-start your tax planning cycle.

1. Adjust Your Withholdings if You Received a Large Refund

A big refund can feel rewarding, but it often means you gave the government an interest-free loan all year. That money could have been used for:

• Debt reduction
• Savings or investment growth
• Covering planned expenses

After filing, revisit your Form W-4 and run a projection for 2026. Fine-tuning your withholding improves monthly cash flow and reduces the risk of over- or under-correcting later in the year.

2. Review Estimated Tax Payments if You Owe a Large Balance

If your return included a sizable balance due, it may indicate under-withholding or insufficient quarterly estimates.

• Review all income sources, including self-employment, investments, or bonuses
• Adjust estimated payments early in the year to avoid penalties
• Stay ahead of cash flow challenges instead of reacting at filing time

3. Plan Charitable Giving Strategically

Take advantage of the $1,000 above-the-line charitable deduction ($2,000 for married couples) to maximize the impact of your giving.

• Spread contributions throughout the year to match cash flow
• Ensure you capture the full deduction for each eligible gift
• Coordinate charitable plans with long-term financial goals

4. Maximize Retirement Contributions

Confirm contribution limits for IRAs, 401(k)s, and other qualified plans for 2026.

• Even modest monthly adjustments can significantly reduce taxable income
• Early planning makes it easier to reach maximum contributions without straining year-end cash flow
• Consider both traditional and Roth options based on your tax strategy

5. Fund Your Health Savings Account (HSA) Strategically

HSAs offer a triple tax advantage: deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

• Review eligibility and contribution limits
• Coordinate planned medical expenses with funding strategy
• Treat your HSA as both a healthcare savings tool and a long-term tax planning vehicle

6. Account for Major Life Events

Life changes can drastically affect your tax picture:

• Marriage can alter filing status and tax brackets
• Divorce affects dependency claims and support payments
• A new child can unlock credits and deductions

Anticipating these events allows you to adjust withholding, estimated payments, and plan for available tax benefits early in the year.

7. Track Tips, Overtime, and Other Variable Income

Accurate reporting is essential for income like tips or overtime:

• Confirm how your employer reports this income
• Ensure payroll reflects proper treatment
• Employers and business owners should review compliance procedures
• Early tracking helps prevent errors and maximizes any tax advantages

Build Your Tax Strategy Year-Round

The most effective tax strategies are built early and revisited consistently. Use your filed 2025 return as a starting point:

• Make adjustments now for 2026
• Optimize cash flow and deductions throughout the year
• Avoid surprises next tax season

Next Steps

Schedule a year-round tax planning session with Alloy Silverstein. Our team helps clients stay ahead of the tax curve — not just during filing season, but all year long.

The post Your Tax Planning Cycle Starts Now: Smart Moves After Filing Season appeared first on Alloy Silverstein.

Why File a Tax Extension?

Avoid Penalties

If you’re not ready to file your taxes by the deadline, an extension can help you avoid late filing penalties.

More Preparation Time

An extension gives you until October 15th to file, providing ample time to ensure everything is accurate and complete.

Reduce Stress

Sometimes life gets busy. An extension can relieve some of the pressure during a hectic period.

How to File a Tax Extension

Use Form 4868

For individual tax returns, you’ll need to fill out IRS Form 4868. This can be done electronically using tax software or by mailing a paper form.

File by the Deadline

Make sure to submit your extension request by the original tax deadline, typically April 15th.

Estimate Your Tax Liability

Remember, an extension to file is not an extension to pay. Estimate and pay any taxes owed by the original deadline to avoid interest and penalties.

Consider State Taxes

Check if your state requires a separate extension form, as rules can vary.

Key Points to Remember

• Filing an extension is free and relatively simple.
• It only extends the time to file your return, not to pay any taxes owed.
• Accurate tax payments help avoid additional charges.

Filing a tax extension can be a smart move if you need more time to gather information or want to reduce the stress of meeting the tax deadline. Make sure to follow the steps outlined above to ensure a smooth process. As always, consult with a tax professional if you have specific questions or concerns.

Next step after your extension? Mark October 15th down on your calendar and bring your tax documents to your CPA with plenty of time to spare!

Give us a call so we can discuss whether or not an extension is right for your situation.

Alloy Silverstein makes available quick links to extension applications for your Federal, New Jersey, or Pennsylvania returns:

Go to Extension Forms 

As always, please contact us for application to your specific situation.

More Resources

• Spring 2026 Tax Deadlines and IRS News
• Four Questions You May Have This Tax Season
• Can’t File by the Tax Deadline? Consider Filing for an Extension
• What is a Tax Extension and How Does it Work? [VIDEO]

The post Need More Time? How to File a Tax Extension appeared first on Alloy Silverstein.

Don’t Panic, and Don’t Ignore It

First things first: don’t panic. But just as importantly, don’t ignore the situation.

Even if you can’t pay what you owe, you should still file your tax return on time. Why? Because the penalty for failing to file is typically much higher than the penalty for failing to pay. Filing on time helps minimize additional costs and keeps you in better standing.

Pay What You Can

If you’re unable to pay your full tax bill, try to pay as much as possible, even if it’s only a partial payment.

Every dollar you pay reduces the amount of interest and penalties that will continue to accrue on your balance. Making a payment, no matter how small, can make a meaningful difference over time.

Explore Your Payment Options

If paying in full isn’t realistic, there are programs available to help:

• Installment Agreement: This is a payment plan that allows you to pay your tax balance over time in manageable monthly amounts.
• Offer in Compromise: In certain financial situations, you may qualify to settle your tax debt for less than the full amount owed, depending on your eligibility.

Understanding which option is right for you depends on your specific financial situation, so it’s important to evaluate your choices carefully.

Why Being Proactive Matters

Ignoring your tax bill can lead to serious consequences. The IRS may file a lien against your property or issue a levy to collect funds directly from your bank account.

The key is to be proactive. The IRS is generally much easier to work with when you communicate early and take steps to address your balance.

Take Control of the Situation

Owing taxes isn’t ideal, but it’s manageable with the right approach. By filing on time, paying what you can, and exploring your options, you can reduce stress and avoid unnecessary penalties.

If you’re unsure where to start, consider speaking with a CPA who can help you evaluate your options and create a plan before notices begin to arrive.

More Resources:

• Need More Time? How to File a Tax Extension?
• What is a tax extension and how does it work? (Video)

The post What If You Owe Taxes This Season, but Can’t Pay? [VIDEO] appeared first on Alloy Silverstein.

Yes, You Can Still Mail a Check, But There Are Risks

If you owe taxes this year, you can send a payment by mail to the Internal Revenue Service. However, relying on traditional mail comes with potential downsides.

Mail delays are more common than many people realize. And when it comes to tax payments, timing is everything. The date your payment is considered “on time” depends on the postmark, not when you drop it in the mailbox.

If your check is delayed, lost, or postmarked incorrectly, you could face penalties and interest, even if you sent it before the deadline.

A Safer Option: Pay Electronically

To avoid the uncertainty of mailing a check, electronic payment options offer a more secure and reliable alternative.

You can:

• Pay directly from your bank account using IRS Direct Pay
• Schedule a payment through EFTPS (Electronic Federal Tax Payment System)
• Use a debit or credit card through an approved payment processor

Electronic payments provide confirmation, faster processing, and added peace of mind, especially when deadlines are involved.

What If You Can’t Pay in Full?

If you’re unable to pay your full tax bill, don’t ignore it.

The IRS offers payment plans that allow you to pay over time. Setting up a plan is always a better option than missing the deadline entirely, which can lead to additional penalties and collection actions.

The Bottom Line

When it comes to paying your taxes, timing and method matter.

Pay on time, choose the safest option for your situation, and if you’re unsure which route to take, connect with a CPA who can help guide you.

More Resources:

• What Do Postmarks, Pennies, and Paper Checks Have to Do with Your Taxes? [VIDEO]
• IRS Clarifies Paper Check Phase-Out: What Taxpayers Need to Know
• IRS Paper Check Deadline Is Coming – Are You Ready FAQs and More [VIDEO]
• IRS to Stop Accepting Paper Checks: Here’s How to Prepare

The post Mailing a Paper Check for Tax Day? Here’s What You Need to Know [VIDEO] appeared first on Alloy Silverstein.

The tax code is more than 75,000 pages long, so it’s no surprise there are many deductions taxpayers overlook each year. Taking a few extra minutes to review often-forgotten deductions could mean a bigger refund or lower tax bill than expected.

Here are some of the most commonly overlooked deductions for individuals and small business owners.

State sales tax alternative.

You can choose to deduct state and local sales taxes rather than state income taxes on a return using itemized deductions. This is especially useful for residents of states that don’t have state income taxes. It can also be used if you made enough purchases during the year that your state sales tax deduction is larger than your state income tax deduction. This is especially important this year as the limit for this itemized deduction category moves from $10,000 to over $40,000!

Mortgage discount points.

When you buy a home you can generally deduct the cost of mortgage discount points to lower your interest rate. A point is a fee equal to one percent of the mortgage amount and it lowers your mortgage’s interest rate. When you refinance a mortgage, you spread the cost of your points over the life of the mortgage. Many taxpayers forget that when they sell their home they can immediately deduct the remainder of the points not yet used as a deduction.

Student loan interest.

You can deduct up to $2,500 in interest paid on student loans from your tax return. This is true even if someone else helps you pay your loans. Parents who have co-signed student loans (creating legal obligation for the debt) often forget that they are also now eligible for the deduction on payments made by them.

Making alimony and child support mistakes.

While most people who pay alimony know it’s tax-deductible for those who pay it on divorce decrees finalized before the end of 2018, it is easy to forget it is NOT taxable income to those receiving it if your divorce was after this date OR there was an amendment to your divorce decree after this date. And remember this law change also impacts the taxability and deductibility of child support payments.

Re-invested dividends.

Many automatically reinvest their dividends within their portfolios. These dividends are taxed when they are paid to you each year, so it is easy to forget to make this adjustment to your tax bill when you sell them at a later date. While this makes your capital gain calculation a bit complex, knowing this keeps you from paying too much in tax.

Child and dependent care.

If you are working and paying for daycare, review this credit on your tax return and with your employer. Both may offer a meaningful tax benefit to you. The same holds true for married couples when both work or are looking for work. And if the benefit exists through your employer, you may still be able to take advantage of the credit through the IRS as long as the qualified expenses are not double counted.

Self-employment deductions.

There are many commonly overlooked benefits for sole-proprietors and S corporation business owners. Chief among them are;

• • 1/2 of self-employment tax
  • Health insurance premiums. Pay special attention to your W-2 to see if the premium was added to income and know if it is deductible for your situation.
  • Contributions to retirement plans. Remember a quick way to reduce your taxable income is to contribute to a retirement plan like a SEP IRA before filing your tax return.
  • QBI deduction. Know if you qualify and if your business activity is subject to income limitations for this valuable tax break.

Other small business tax breaks.

There are a number of other special business incentives built into the tax code. This includes special depreciation rules to the now-permanent research credit.

As with any part of the tax code, certain qualifications must be met and limits apply. Reviewing your situation or speaking with a tax professional can ensure you’re applying these deductions correctly.

Missing a Deduction? Here’s How to Make Sure You’re Covered

Even if you think you might have overlooked something, proper documentation and proactive planning can protect you:

• Keep records of payments and receipts throughout the year
• Double-check eligibility rules for deductions before filing
• Contact a tax professional if unsure

Failing to claim deductions you are entitled to may increase your tax bill unnecessarily, while claiming incorrectly could trigger an IRS inquiry.

Work With Alloy Silverstein to Maximize Your Refund this Tax Season

Our team of tax professionals helps clients identify overlooked deductions, apply complex rules correctly, and ensure every eligible credit and deduction is captured.

Visit alloysilverstein.com/tax-season to download our Individual Tax Return Checklist and get organized for 2026 tax season.

The post Don’t Miss These Tax Deductions in 2026 appeared first on Alloy Silverstein.

If you’re looking for ways to reduce taxes over time, improve cash flow, and create better outcomes each April, these four tax-focused “reset” ideas are worth revisiting now. They’re practical, measurable, and still fully within your control for the year ahead.

1. Commit to Better Tax Record Organization

If tax season feels like a scavenger hunt through emails, folders, and receipts, organization should be a priority, especially for business owners. A simple rule applies: if you can’t support a deduction, you can’t take it.

This matters even more if you plan to claim:

• Business deductions
• Charitable contributions, including the $1,000 ($2,000 joint) deduction
• Teacher out-of-pocket expense deductions
• Education-related expenses

Creating a reliable and ongoing system now, rather than scrambling next February, can save time, reduce stress, and help ensure you’re capturing everything you’re entitled to deduct.

2. Maximize the Use of Your Retirement Accounts

One of the most effective ways to lower your current tax bill, and strengthen your long-term plan, is to make the most of available retirement accounts. You can defer taxes today by maximizing contributions to traditional retirement accounts like 401(k)s and IRAs, or plan for future tax savings by incorporating Roth accounts where appropriate.

Additional strategies to review include:

• Taking advantage of catch-up contributions if you’re eligible
• Ensuring you’re receiving the full employer match available to you
• Using SEP IRAs or similar plans as a small business owner
• Exploring spousal or youth retirement accounts when earned income allows

This is an area where thoughtful planning can unlock meaningful tax savings year after year.

3. Pay Health Care Costs in a Tax-Efficient Way

A Health Savings Account (HSA) remains one of the most powerful, and often underutilized, tools in the tax code.

HSAs offer a rare combination of benefits:

• Contributions are often tax-deductible
• Earnings typically grow tax-free
• Qualified medical withdrawals are also tax-free

When possible, aim to maximize your eligible HSA contributions each year, including catch-up contributions. Investing unused funds allows the account to grow tax-free over time, turning it into a long-term planning tool.

Used strategically, an HSA can function as a “stealth” retirement account, helping cover future healthcare costs that almost everyone eventually faces.

4. Treat Taxes as a Year-Round Conversation

Taxes aren’t just an April event. Changes in income, business activity, investments, or family circumstances can all shift your tax picture, sometimes significantly.

The most effective tax strategies are built gradually, adjusted throughout the year, and aligned with broader financial goals. Starting these conversations now gives you more flexibility, more options, and better outcomes than waiting until filing season is underway.

Planning That Pays Off Beyond Tax Season

You don’t need a calendar reset to make smart tax decisions. The best tax moves are the ones that quietly compound over time, reward consistency, and reduce surprises when filing season arrives.

If you’d like help reviewing these strategies — or identifying others that align with your personal or business goals — the team at Alloy Silverstein is here to help.

Contact Alloy Silverstein to start a proactive tax planning conversation that goes beyond compliance and supports smarter decisions all year long.

The post It’s Not Too Late: 4 Smart Tax Moves to Consider This Year appeared first on Alloy Silverstein.