Local financial advisor offers tips on what to know before filing taxes

MILWAUKEE (CBS 58) -- Tony Drake, a financial professional at Drake & Associates, joined us on Wednesday, Jan. 24 with insights that people in the area should know prior to filing their taxes.

He noted several key changes in the 2023 tax filing process, including adjusted tax brackets due to inflation, which may affect tax rates. Although the tax rates remain unchanged from last year, Drake noted that increased income might not necessarily result in a higher tax bracket.

He also discussed the rise in the standard deduction for single taxpayers to $13,850 and $27,700 for those married filing jointly. He advised consulting a tax professional to ascertain whether to take the standard deduction or itemize.

Drake also stressed the importance of year-round tax strategy and planning for retirement savings to potentially reduce future tax burdens.