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End of Year Financial Tips

3 Local Financial Experts Weigh In

Krystopher Ziolkowski, EA

A-Zed Taxes LLC

Krystopher Ziolkowski owns A-Zed Taxes (AZedTax.com) and prepares annual tax returns for individuals, trusts & estates, and small businesses.  

Are there still tax planning strategies for 2021?

Absolutely! I like to advise clients to split their tax liabilities over multiple years. For example, if a client is pulling funds out of a retirement account to purchase a home in January, I would advise taking half by December 31st, and then taking the second half in early January to split the tax implications over two years. 

Sometimes business owners can spend down or take advantage of bonus depreciation on certain end-of-year purchases. For example, a real estate agent having a stellar year can purchase a new vehicle, which could qualify for an offset of her 2021 income. 

What are ways people can donate to reduce taxes?

If someone wants to take part in the spirit of giving, individuals can receive an additional deduction of up to $300 (single) or $600 (married) in 2021 in addition to the standard deduction (restrictions apply). Arizona also provides additional deductions using Arizona Tax Credits for qualified AZ non-profits, public schools, foster care programs, and others. You can donate through April 15, 2022, to receive a credit for 2021. It does make your life a bit easier if you donate in the year you receive the credit, so get those credits in before the end of the year. 

What simple advice do you have for 2022?

Definitely work with a tax expert to help understand the tax law updates and how they will impact 2022. 

Marty Guzman

Independent Wealth Management & Insurance Services

Marty Guzman and his team of professionals at Independent Wealth Management & Insurance Services (IndependentWealthMgt.com) help customers plan a strategy—using a variety of investments and insurance products and services—to help them address financial needs and concerns.

Is it ever too late to plan?

Forward-thinking tax strategies are a way to save over the years that can really add up. We have strategies for you to investigate prior to the end of the year. We often hear that people wish they had started working with a financial advisor much earlier than retirement. Financial Advisors are able to help with allocating funds inside of your current retirement plan, including 401(k)s.

Is middle-age or retirement too late for financial planning?

A good percentage of our client base is made up of people above 60 years of age. While it is good to build a relationship with a Financial Advisor during your working years, it is even more important to work together with an advisor who is experienced in building a financial plan to help you achieve the retirement you always envisioned. I always tell clients, “Dream it. Plan it. Live it!”

Do you welcome new clients?

Yes! We are happy to help those in our community. Financial Planning is key to a stress-free retirement and if we can help provide that in any way, we look forward to it! Guzman says, “Our team knows what we are doing, but we are not intimidating. We offer a nice, easy-going, and friendly atmosphere that our clients, as well as our team, truly enjoy being a part of!”

Linda Robens

Medicare For Me, LLC

Linda Robens is the agency owner of Medicare For Me, LLC (medicareformellc.com). In the insurance industry for more than 30 years, Robens helps people find the right plan, specializing in Medicare insurance plans for individuals over 65 years of age.

When do I need to start planning my Medicare coverage?

When you turn 64, you should start learning about the process and how to enroll by taking one of our Medicare 101 seminars offered online or in person. If you’re already 65 or over on Medicare, you should have your plan checked annually during open enrollment due to plan changes, health and medication changes, and new plans each year.

Do I have to sign up for Medicare when I turn 65?

Not necessarily. It depends on if you keep working or retire at age 65. You earn Part A and you must sign up for Part B if you want coverage. If you are receiving Social Security payments at age 65, you automatically receive your Medicare card a few months before. If you don’t want it then, you have to delay it by contacting the Social Security Administration.

When is Open Enrollment for Medicare?

Medicare Annual Enrollment Period (AEP) is October 15 to December 7 each year for Part D plans and Advantage plans changes. Medicare Open Enrollment Period (OEP) is between January 1 and March 31. During that time, you can change Advantage plans or go from an Advantage plan back to original Medicare and Part D. ACA Open Enrollment for 2022 is extended an extra month, from November 1, 2021, to January 15, 2022. 

Why Should Customers Call Medicare For Me, LLC?

Robens says that her business is her passion. “We have resources you will not find working with a captive agent that represents a single company. We care about our clients as if they were our own family and build relationships to last a lifetime.”

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