Jim + Jane Smith
Tax Analysis
2026 Tax Planning Overview
2026 Tax Summary
Your tax position at a glance
Filing Status
Married Filing Jointly
Federal Bracket
24%
State Bracket
9.3%
Estimated AGI
$246k
Effective Rate
21.4%
Tax Allocation Buckets
Investment distribution by tax treatment
Total Investment Assets: $1.01M
Portfolio Optimization
Recommended allocation adjustments
| Asset Class | Current | Proposed |
|---|---|---|
| Real Estate | 51.8% | 45.0% |
| US Equities | 25.3% | 30.0% |
| Int'l Equities | 5.2% | 10.0% |
| Bonds | 8.5% | 10.0% |
| Cash | 5.8% | 3.0% |
| Business Equity | 3.4% | 2.0% |
Income Sources
Breakdown by income type
$236,700
| Source | Type | Amount |
|---|---|---|
| Smith Family Properties LLC (K-1) | Business Income | $102,000 |
| Jane - W-2 Salary | Wages | $62,400 |
| Rental Income (Net) | Passive Income | $48,600 |
| Investment Dividends | Qualified Dividends | $8,500 |
| Capital Gains (Realized) | Long-term | $12,000 |
| Interest Income | Ordinary | $3,200 |
| Total Gross Income | $236,700 | |
Deductions & Adjustments
Tax-reducing items
-$94,400
| Deduction | Category | Amount |
|---|---|---|
| 401(k) Contributions (Both) | Above the Line | -$46,000 |
| Self-Employment Tax Deduction | Above the Line | -$7,200 |
| Mortgage Interest (Primary) | Itemized | -$14,500 |
| Property Taxes | SALT Cap Applied | -$12,800 |
| Charitable Contributions | Itemized | -$8,500 |
| Health Insurance Premiums | Itemized | -$5,400 |
| Total Deductions | -$94,400 | |
Tax Optimization Strategies
Achieving tax efficiency through strategic planning
Maximize Retirement Contributions
DUE: DEC 31, 2026The What
Max out both 401(k)s at $23,000 each. Consider backdoor Roth IRAs for additional $7,000 each.
The Why
Reduces taxable income by $46,000 and builds tax-deferred wealth. Roth adds tax diversification.
Qualified Business Income Deduction
DUE: APR 15, 2026The What
Ensure LLC income qualifies for the 20% QBI deduction. Current estimate: $20,400 deduction.
The Why
Pass-through business owners can deduct up to 20% of qualified business income from taxable income.
Cost Segregation Study
DUE: DEC 31, 2026The What
Commission a cost segregation study on commercial properties to accelerate depreciation.
The Why
Reclassifies building components to shorter depreciation periods, generating immediate tax deductions.
Upcoming Tax Deadlines
Important dates to remember
Q1 Estimated Tax Payment
APR 15, 2026
$13,175
UPCOMING2025 Tax Return Filing
APR 15, 2026
Q2 Estimated Tax Payment
JUN 15, 2026
$13,175
SCHEDULEDQ3 Estimated Tax Payment
SEP 15, 2026
$13,175
SCHEDULED