5 Ways Tax Planning May Save You Cash

As we go through each year, there are certain milestones along the way that many look forward to reaching, such as a loved one’s birthday, an anniversary or the beginning of summer. Income tax season is another annual occurrence, though it’s rarely cause for anticipation and celebration. But it’s an important time of year, nonetheless, so it requires ample attention.

When tax time approaches, you probably start loading everything into your tax preparation software or send documents to your CPA. Many of these tax documents are mailed to you or may be available online, but what about some of the items that are tougher to keep track of? Here are five tax strategies that we believe are often missed or not reported—and they could be keeping money out of your pocket.

1. 529 plan contributions/distributions

Other than your year-end statement, you may not receive any documentation to send to your accountant that specifically outlines the amount you contributed to 529 plans over the past year. Be sure to track down this important information and pass it along to your accountant, in order to confirm that you’ll receive the appropriate deduction on your state income tax return.

2.  Qualified charitable distributions

If you are 70½ years or older, you may have contributed to a qualified charity directly from your IRA, which is crucial information for your CPA to have. Custodians do not track where IRA distributions go, so your 1099-R tax form will likely show the total distribution as “taxable.” If you don’t inform your CPA that part of this distribution went to a registered charity or other qualifying nonprofit organization, you may be taxed on the total distribution.

3. Charitable contributions

If you made gifts of cash, appreciated securities or other property to qualified charitable organizations during the year, you’ll likely receive a letter from the organization documenting your financial gift. Be sure to pass along this information to your CPA, as these donations are not captured on an IRS form and you want to ensure that you get the appropriate tax deduction.

4. IRA contribution deduction

As a general rule, you’re allowed to make an IRA contribution for the prior year, up to the tax filing deadline of the subsequent year. This date is usually April 15, but if it falls on a weekend, you have until the next business day. In certain cases, you may qualify for this contribution to be tax deductible. If you—and your spouse, if married—are not covered by an employer-sponsored retirement plan, you can deduct the full contribution to your traditional IRA no matter how much you earn. However, you’re limited in the amount you may deduct. For instance, for the 2025 tax year, the maximum allowable deduction per person is $7,000 if you’re under 50 years old. Individuals 50 and older may put in an additional $1,000 as a “catch-up” contribution.1

5. Health Savings Account contribution deduction

Like the IRA deduction noted above, you have until tax deadline day to make a deductible contribution to your Health Savings Account (HSA) for the previous tax year. However, being able to contribute requires that your health plan be HSA-qualified. Be sure to confirm with your HSA custodian that any contributions you make after the year-end that you wish to apply on your tax return are coded as a “prior year” contribution.

We hope these five tax-planning checks will help you send complete and appropriate documentation to your CPA, providing you with viable options to maximize your income tax savings. If you have any questions about these proven ways to reduce taxes, don’t hesitate to contact your Corient Wealth Advisor and tax professional.

 

1 https://www.nerdwallet.com/article/investing/ira-contribution-limits


ABOUT THE AUTHORS

Josh Larson

Josh Larson

Associate Partner

Josh is an Associate Partner, Wealth Advisor based in our Itasca, IL, office. He counsels clients with unique and complex situations requiring advanced planning solutions tailored to optimize the objectives they value most. He earned his degree at Aurora University studying Accounting and Business & Commerce. Josh is a CERTIFIED FINANCIAL PLANNER™ professional.



Neil Teubel

Neil Teubel

Partner

Neil is a Partner and Head of Wealth Planning at Corient. He oversees the entire team of planning experts across the country. He designs and manages the firm’s wealth planning vision and strategy with the goal of ensuring clients receive comprehensive expertise and have a unique experience. Neil believes in the critical importance of having an integrated wealth experience and finds it rewarding to help clients navigate the complexities of wealth to achieve their goals. Prior to Corient, Neil’s experience includes positions with legacy firm Balasa Diverno Foltz (BDF). He holds bachelor’s and master’s degrees in financial planning and is a CERTIFIED FINANCIAL PLANNER® professional. Neil and his wife, Jenny, have three young kids and when he’s not in the office, you can find him golfing, hiking, renovating houses, or running after Sienna, Cole and Ford.




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Corient refers to the separate but affiliated entities under common control of Corient Holdings LLC. These entities include but are not limited to Corient Private Wealth LLC, Corient IA LLC, Corient Family Office LLC, Corient Tax LLC, Corient Trust Company LLC and Corient Aviation LLC. Each service may be provided under separate agreements and separate fees may be charged for family office services, wealth management services or any other service provided by a Corient affiliate and/or third party. Additional fees and charges may be applied for other services or products Corient, its affiliates or unaffiliated third-parties provide to clients. Additional fees, such as custodial fees, fund expenses and third-party investment manager fees, may also be applied to client accounts.

This information is for educational purposes and is not intended to provide, and should not be relied upon for, accounting, legal, tax, insurance, or investment advice. This does not constitute an offer to provide any services, nor a solicitation to purchase securities. The contents are not intended to be advice tailored to any particular person or situation. We believe the information provided is accurate and reliable, but do not warrant it as to completeness or accuracy. This information may include opinions or forecasts, including investment strategies and economic and market conditions; however, there is no guarantee that such opinions or forecasts will prove to be correct, and they also may change without notice. We encourage you to speak with a qualified professional regarding your scenario and the then-current applicable laws and rules.

Different types of investments involve degrees of risk. The future performance of any investment or wealth management strategy, including those recommended by us, may not be profitable or suitable or prove successful. Past performance is not indicative of future results. One cannot invest directly in an index or benchmark, and those do not reflect the deduction of various fees that would diminish results. Any index or benchmark performance figures are for comparison purposes only, and client account holdings will not directly correspond to any such data.

Tax strategies are employed for planning purposes only and are not intended to replace professional tax, legal or accounting advice. Please consult your tax, legal and accounting professionals to discuss your unique tax circumstances.

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4845867 – September 2025

Corporate Executives|Tax Planning
corporate-executives|tax-planning
Josh Larson, Neil Teubel