I tell all my tax preparation clients that the true key to building wealth lies in building assets. A savings account in a bank is not the answer. Bank accounts have low interest rates, so you will barely make any money. However, a solid investment strategy and smart tax planning will allow your money to work for you.
When I talk with clients about financial planning I include the importance of a durable approach to retirement. My message? Whether you are starting your career or have been at it for a while, you should be taking advantage of
I look at the millennial generation and see incredible opportunities for financial planning and wealth building. There's something about the spirit of this young generation. Many are exploring the possibility of early retirement and are eager to reach financial independence in order to do so. My advice is always to focus on acquiring assets.
As a CPA during tax season, I meet with lots of people. Many of them are regular clients who engage in year-round tax planning. For these people, tax season has few if any surprises. Others aren’t so well prepared. No one wants to pay more in taxes than they have to. Two of the best strategies for preventing that are tax planning and early filing.
Have you begun to think about changes to make in the New Year? It's a good time to review your finances and pay particular attention to your retirement plan. Like most
The true key to building wealth lies in building assets. Regardless of how much money you make, you can start converting your income into assets using tax strategies. The system is set up to go after income instead of wealth. The tax code offers incentives for asset building and your tax professional can advise you on the tax efficient strategies available.
The last quarter of any year is a busy one for anyone who wants to get a jump on tax planning and preparation. With holidays and shopping competing for your attention it’s easy to lose your focus on long-range financial planning. However, for those who can set aside time to review their finances, the advantages gained are many.
Today young workers are encouraged to start savings and asset building strategies as early as possible. A valuable asset to most individuals is their retirement account. A common question is whether to choose a traditional (tax-deferred) or a Roth option.
Summer is the season for tax audits. You may have forgotten all about the tax preparation process of last winter. Realistically, the chances for an individual audit are low - around 0.6 percent or about one in every 160 returns. However, tax preparers advise that it’s important for their clients to be aware of the triggers. Here are some of the things that the professionals pay attention to as they prepare your tax return:
The true key to building wealth lies in building assets. Regardless of how much money you make, you can build wealth over time through assets. Think about how much of your life involves bills, taxes, purchases, contracts, etc. When it comes to financial planning, your tax professional is in a unique position to give you advice on asset building strategies. Why not take advantage of the time you spent preparing for your tax filing and reconnect with your CPA to develop a financial plan for building wealth.