Every year, somewhere between January 1st and April 15th, millions of Americans work their way through the five stages of grief as they prepare and file federal and state tax returns with the Internal Revenue Service (IRS). And although, for a very small few, this time of year can bring about feelings of elation, for most, it is an unwelcomed source of stress and anxiety. This variance of emotions exists because during this season, the government determines whether you have either under or overpaid your annual tax bill.

In general, there are two options available to help taxpayers complete and submit their annual tax return. On one hand, there is the option to self-prepare your return. And on the other, you might choose to hire a professional to do the heavy lifting for you.

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When it comes to financial planning, charitable giving is a well-established tool often used to assist individuals and small businesses with year-end tax planning. With strategic and well-timed donations, you can minimize your tax liability while executing a broader philanthropic strategy and supporting the causes you hold dear. Traditionally, people think of charitable giving as simply writing a check to a few nonprofits near the end of the year and claiming a deduction on that year’s tax return. While that approach can certainly be valuable, it is a bit limited in its ability to maximize philanthropic impact as well as tax minimization.

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Buried in the text of the 2017 Tax Cuts and Jobs Act (TCJA) lies a statement that Congress approved, blessing the so-called “back-door” Roth IRA. The back-door Roth IRA conversion strategy allows high-income taxpayers to take advantage of the fact that while there is a limitation on who can contribute to a Roth IRA directly, there is neither an income limit on contributing to a traditional IRA nor income restrictions on converting an existing traditional IRA to a Roth IRA. So, by utilizing the back-door approach, your contributions will still make their way into the Roth IRA eventually..

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