Family Wealth blog

Tax Season Already?

A jack-o-lantern sits next to a pumpkin with an APR and one with a 15 on it. The title reads Tax Season Already?

The fragrance of pumpkin spice is in the air (and, it seems, in just about every coffee and pastry on earth). With Halloween just days away, tax time was probably not on your mind this morning. But fall is not just a season of change in nature; it's also an opportunity for financial reflection. Amid the festivities—and with some retailers already decorated for the holidays—it may seem unusual to think about taxes. But when you think of it from a financial planning perspective, it’s the perfect time to prepare for the upcoming tax year.

Too Soon?

No, it’s not too soon to do some early preparations for the spring tax season. There are several reasons why you’ll thank yourself in April by looking at your tax situation now. Here are just a few:

Financial Clarity: By this time of the year, you have a clearer understanding of your earnings, major expenses, and any financial shifts. This allows for accurate estimations and adjustments for tax benefits.

Maximizing Deductions: Fall is a chance to review potential deductions, make charitable donations, invest in tax-beneficial accounts, or consider other strategic financial decisions—while you still have plenty of time to act.

Anticipating Tax Law Changes: Legislative bodies often discuss potential tax reforms towards the year’s end. Being proactive now could save you from potential pitfalls later.

Avoiding the Last-Minute Rush: Starting tax planning now allows for a more relaxed approach, avoiding the stress of last-minute decisions.

Fall Tax-Planning Checklist

With the help of your financial advisor and tax professional, it shouldn’t take too long to work through this list:

Review Your Income: Understanding your income is fundamental for effective tax planning. Reviewing your earnings, including any additional income or bonuses expected in the remaining months, helps in identifying your tax bracket. This information can influence your long-term investment decisions, aligning them with your financial goals.

Assess Major Financial Changes: Life events such as purchasing a home, starting a business, or having a child significantly impact your tax situation. Evaluating these changes helps in adapting your financial plan, ensuring it aligns with your long-term investment approach and tax efficiency.

Check Retirement Contributions: Maximizing contributions to retirement accounts like 401(k)s and IRAs is beneficial for tax purposes and essential for long-term financial security. But this can get quite complex. Review your contributions to ensure you’re taking full advantage of tax-deferred growth opportunities and that your moves align with your financial and even retirement plans.

Explore Charitable Giving: Charitable donations can yield tax deductions while embodying the spirit of giving. Strategically planned charitable giving can be a part of your overall investment approach, fostering community involvement and tax efficiency.

Stay Updated on Tax Laws: Being informed about tax laws and any changes helps in adjusting your financial strategy to maintain tax efficiency and align with investment goals and targets. This knowledge helps with proactive decision-making, ensuring your financial plan remains robust.

Consult Professionals: Engaging a financial advisor along with a tax professional can provide valuable insights and help you tailor strategies to your unique situation. Their expertise can be instrumental in aligning your tax preparation with your long-term investment approach, ensuring a holistic financial strategy as the year ends.

The Takeaway

Embracing the fall season as a cue for financial reflection is a sensible step. With a clearer understanding of your financial landscape, you can make informed decisions, maximize deductions, and prepare for any upcoming changes in tax legislation. Engaging in a little early tax planning now, with the assistance of your team of professionals, can set you up nicely for the “real” tax season in the spring.


October is the Time to Start Your Tax Planning: Tips to embrace the spirt of fall to get a jumpstart on your tax planning; Copyright © 2023 FMeX. All rights reserved. Distributed by Financial Media Exchange.

Disclosure: This information is for educational and informative purposes and shall not be considered a specific recommendation. Readers are advised to speak with their advisor at JL Bainbridge to determine their specific recommendations that meet their investment objectives and to review their portfolios. The material being provided is thought to be accurate. However, the information is compiled from multiple resources and may become outdated or otherwise rendered incorrect by new research or corrections without notice. J.L. Bainbridge & Co., Inc., is not a broker dealer and does not offer tax or legal advice. Please consult your tax or legal advisor for assistance regarding your individual situation. It should neither be assumed that future results will be as profitable or that a loss could not be incurred. For more information related to our firm, please see our disclosure brochures at and

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