I tell all my clients that 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, why not take advantage of the time you spend preparing for your tax filing and reconnect with your CPA to develop a financial plan for building wealth.
It's no secret that the last quarter of any year is a busy one for those 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. I understand completely. However, it's smart to look at ways you might minimize your tax liability.
As a CPA I help lots of individuals with tax preparation and filing. Many of them are interested in building assets through investing. From a tax perspective, investments are a solid way to increase longterm assets. I advise my clients to work with a financial advisor. It takes time and patience to build wealth.
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
The retirement account is a valuable asset. Every worker should start savings and asset building strategies as early as possible. A common question I hear from my clients is which type of retirement account is best. There are various types and your best one depends on your situation. The Roth IRA is one of the options.
Now and then I hear from a client who suspects that an IRS imposter is targeting them with a fraudulent phone call or email. According to the IRS, these calls are becoming more frequent and are increasingly aided by robocall technology. My first response is always the same: Don’t respond.
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.
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