The Inflation Reduction Act is the largest climate change legislation in U.S. history and it also contains measures aimed at lowering health care costs and creating new tax credits.
There are many benefits that come with having a high net worth, but it also means tax planning is a bit more complex. If you don’t have a thoughtful tax strategy in place, you could miss out on key tax benefits and, when you’re paying more in taxes, that liability can have the effect of diminishing your net worth over the long term.
As we approach the April 18, 2022 tax filing deadline, remember that preparation is the key to maximizing your tax situation. It’s never too soon to start thinking about how to handle your federal return, and you can use this tax prep checklist to help you meet your obligations and take advantage of any savings opportunities.