The Fidelis Monthly Newsletter – Built With You in Mind
We know life moves fast, and financial decisions matter. That’s why we’re bringing you a monthly roundup of practical advice, market insights, reminders, and maybe just a bit of Fidelis fun to help you stay on track. We’re glad you’re here!
A Message from Fidelis Wealth Advisors
Wealth Isn’t Lucky – It’s Grown
March is known for St. Patrick’s Day and talk of luck. But it’s also National “Clean Up Your IRS Act” Month. The purpose of the month is to encourage taxpayers to finish filing taxes well before April even begins, thus dodging all kinds of last-minute stress. This month-long event, more than anything else, serves as a reminder that preparing for tax season is a year-round activity and completing these simple tasks will save you from scurrying at the last minute: Set aside all of your tax-related paperwork. Keep a list of details you will need to provide to your accountant. Set a deadline for each task and stick to it!
Just like tax preparation, financial confidence isn’t about luck, it’s about being proactive and accountable. While we can’t control markets or headlines…we can control preparation!
Below are five ways to “clean up” your financial life that will not only help prepare you for tax season but also keep you on track for the long term.
1: Know Your Numbers
Before strategy comes awareness.
Here is a list of questions to consider as you go through tax season:
- Income Documentation
- Do I have all my W-2s, 1099s, and other income statements?
- Have I accounted for side gigs, freelance work, or investment income?
- Deductions & Credits
- Have I gathered receipts or records for deductible expenses (charitable donations, medical costs, education expenses, etc.)?
- Am I eligible for any tax credits (child tax credit, education credits, energy-efficient home improvements)?
- Investments & Retirement
- Do I have statements for brokerage accounts, dividends, and capital gains/losses?
- Have I documented IRA or 401(k) contributions?
- Life Changes
- Did I get married, divorced, have a child, or move last year?
- Have I updated my filing status and dependents accordingly?
- Withholding & Payments
- Did I make estimated tax payments, and do I have proof?
- Do I need to adjust my withholding for next year?
Having these details organized ahead of time creates peace of mind and avoids last-minute stress.
2: Make Sure You’re Using the Accounts Available to You
Many people have access to powerful tax-advantaged tools but don’t fully utilize them.
Consider whether you are maximizing opportunities like:
- 401(k) or 403(b) contributions
- Traditional or Roth IRA contributions
- Health Savings Accounts (HSAs)
Tax-advantaged accounts are tools and tools only work when we use them intentionally.
Everyone’s situation is different so come talk to us if you have questions on how these work or want to review the options available to you.
3: Review Beneficiaries & Estate Details
This is one of the most overlooked areas but also extremely important to ensure your financial plan is up to date.
Life changes can affect how your accounts should be structured.
Consider whether any updates are needed due to:
- Marriage or divorce
- New children or grandchildren
- A recent move or address change
It’s important to ensure beneficiaries are listed on accounts like retirement plans, investment accounts, and life insurance policies.
When properly set up, beneficiary designations help assets pass directly to heirs and often avoid probate, making things much easier for loved ones during difficult times.
4: Adjust Withholdings If Needed
Tax season sometimes reveals surprises.
As the IRS says, too little withholding can lead to a tax bill or penalties and too much withholding means you won’t have access to the money until you get your refund back (AKA an interest-free loan to the government until your refund arrives).
These are signals that it may be time to adjust your withholdings so your money works more efficiently throughout the year.
It’s generally a good idea to review withholdings:
- at least once a year
- when starting a new job
- after getting married
- after having a child
- after a significant income change
Thoughtful adjustments can help keep your finances running smoothly.
5: Think Beyond This Year
True tax strategy isn’t about April 15th, it’s about positioning yourself well for the years ahead.
Some areas worth considering include:
- Required Minimum Distributions (RMDs)
These are mandatory withdrawals from certain retirement accounts once you reach the applicable age (currently 73 for many retirees). - Roth conversion opportunities
Converting funds from a traditional IRA to a Roth IRA can allow for future tax-free growth and are particularly beneficial if you anticipate being in a higher tax bracket later. There can be an immediate tax cost for this though, so make sure you talk to us before making any changes to your plan. - Charitable planning
Strategic giving can potentially reduce income taxes, capital gains taxes, and estate taxes depending on the structure. - Withdrawal sequencing
The order in which retirement accounts are withdrawn can affect long-term tax outcomes.
Everyone’s situation is different, which is why these strategies should always be evaluated within the context of your broader financial plan.
🍀 Here’s the Truth
Relying on luck is passive and probably won’t help you around tax time. Planning, on the other hand, is proactive.
You don’t have to guess your way into financial security, you don’t need perfect timing,
and you don’t need to hope things work out.
You can build them to work for you.
And if there’s something in your financial life that feels unclear right now, that’s exactly what this season is for. So let this be your reminder that you have the power to clean it up, simplify it and strengthen it.
Your future doesn’t happen by chance. It’s built on purpose.
If you have questions or if there is anything we can do to support you this tax season, the Fidelis team is here for you!
Cheering you on,
Your Fidelis Team
