Which financial tax records should you hold on to and for how long? The answer is important for a variety of reasons. First, if you keep too much paper it becomes hard to organize and ultimate find documents when you need them. And if you destroy records too early you could end up on the […]
Tax Strategies
A big part of accumulating wealth is to make sure you don’t give it away needlessly. There are a number of provisions in the tax code to help you grow your wealth and reduce tax payments and penalties. These are not complicated. They are not hard to understand or take advantage of. But they are important.
In this category I’ll explain the most important tactics you can utilize to minimize your tax so you can put as much as possible towards building your own future.
Is Your CPA or Attorney Incompetent?
Your lawyer and/or CPA might be giving super crappy advice without you even knowing it. If so, that could cost you a pretty penny. No bueno. How are you ever going to know if your team members are qualified? It’s not easy. They might even be smart but incapable of giving you the advice you […]
5 Overlooked Medical Tax Deductions
It’s getting more difficult to claim medical tax deductions. That’s because you can only claim those tax deductions once they exceed 10% of your adjusted gross income. Last year the threshold was 7.5%. As you can see, the government is tightening the reigns. As a result, you’ve got to do your best to maximize every […]
Should You Fire Your CPA?
Tax season is here. Are you pleased with how your existing CPA took care of you last year? Did they do a professional job in a timely manner? Did they answer all your questions directly? Did they treat you with respect? If not, it might be time to fire your existing provider and find a […]
5 Smart Tax Loss Harvesting Tactics Before Year End
If you sold any long-term assets this year you could be staring down a 20% tax on the gain unless you take corrective action. And if you pull down high income, it gets worse. The IRS can slap on another 3.8% tax for good measure. That’s going to leave a mark friend. Fortunately there are […]
3 Year End Tax Tips To Act On Now
The year is quickly drawing to a close but there are still a few moves you can make to save some real money this year and set yourself up for tax saving success next year. Here are 3 of my favorite maneuvers: 1. Tax Loss Harvesting – Turn Unrealized Losses into Real Losses for Some […]