Retire from work – not life!
December 28, 2011 Leave a comment
I wanted to share a last minute article with you that should prepare you for next year’s tax season:
www.financial-planning.com/news/irs-tax-tips-financial-advisors-clients-savings-2676568-1.html
January 12, 2011 Leave a comment
As we begin the New Year we often make resolutions to do things better, more efficiently, and more timely in the coming year. A common goal is to better manage our finances. In an effort to be organized and meet this goal, sometimes we become overwhelmed at the changing tax laws and variety of tax planning techniques we hear about on the news. We turn to the “shoebox method” of filing and our good intentions slip away.
Since tax preparation is an important aspect of managing and planning our financial direction, it is wise to spend time organizing and understanding the elements of information needed to complete our tax filings.
If you have used a professional tax preparer in the past you should receive a Tax Organizer in January to assist you in answering questions related to taxable events for the previous year. Questions regarding your marital status, dependents, taxable wages, interest, dividends, retirement distributions and contributions will all help you organize documents you may receive.
It is also important to keep documentation for deductions you may be eligible to claim. Mortgage interest, charitable contributions, state taxes paid and unreimbursed employee expenses are examples.
Each taxpayer has a unique situation and basic checklists are meant to assist in gathering pertinent information. Discussing your particular questions and circumstances with a tax professional is the best way to ensure that you are meeting your financial goals. Working with a team of professionals to minimize your taxable income, plan for your financial future and prepare for your estate is the optimal solution to tax planning.
Don’t procrastinate. Take a proactive stance and direct your own financial future. The coming year promises to be full of opportunities and change. Are you ready?
