4 Smart Sayings That Can Help You with Your Taxes
Most of us can recall a few old adages that we might have grown up hearing from our wisest parents, teachers, and mentors. While it can often seem like a broken record to hear these old sayings, many of them still ring true in multiple aspects of our lives. With that in mind, our tax advisors at Lifetime are here to share some of our favorite smart sayings that can help you with your taxes!
1. Don't Put All Your Eggs in One Basket
Whether you are a high-income individual, successful business owner, or seasoned real estate investor, this adage applies to many aspects of managing and growing your wealth! The more you diversify your investments, the more you should consider diversifying your tax planning strategy, so you can keep more of your hard-earned money in your pocket, and out of Uncle Sam’s! Simply put, the more income you earn, the broader your strategy for gaining tax-free income should be. That said, implementing the most successful tax strategy should start with a solid understanding of current tax codes. Your best bet for doing so with the blessing of the IRS is hiring a savvy tax advisor who can help you navigate the minefields of ever-changing landscape of tax law.
2. A Penny Saved is a Penny Earned
If there is any famous adage to bear in mind that can help you with your taxes, this one is it! As an obvious point, the concept of “A penny saved is a penny earned” is at the core of what we do for you as tax advisors. Through year-round tax planning, we help you keep more of your income, which ultimately allows you to the flexibility needed to earn more. You can also apply this saying to your strategies for earning tax-free income, such as contributing to a college savings plan for your children or grandchildren. When they head off to college, payouts from the accounts that are used for tuition, fees, and books will be tax-free! This is just one example of many in which “A penny saved is a penny earned” still rings true when it comes to your tax planning.
Another Saying to Help You with Your Taxes
“Expect the unexpected.”
Major life events – especially the unexpected ones – can impact your taxes. From job promotions and marriage to starting a family and retiring, you should always try to expect the unexpected when it comes to your tax planning!
3. Measure Twice, Cut Once
In many ways, an effective tax advisor is a lot like a skilled carpenter. As any carpenter understands, it’s always best to measure twice, and cut once, since the damage is often impossible to undo once you have cut! In the same way, it’s always better to measure twice and cut once when it comes to your taxes. If you are a business owner or high-net-worth individual, the complexity of your tax returns will demand the keen eye of a tax advisor who will “measure twice” before cutting; (especially since a mistake on the “cut” could involve unwanted attention from the IRS.)
4. Failing to Plan is Planning to Fail
Last – but certainly not least – is the adage: “Failing to plan is planning to fail.” This is another saying by which any tax advisor worth their salt should live! In order to truly maximize your hard-earned income and minimize your risk, year-round planning is key. In fact, the best tax strategy shouldn’t just center on your tax return – it should involve careful planning around how you earn your income and where your money goes. Our tax advisors provide year-round tax planning to help you save more by paying less – with the blessing of the IRS!
We Can Help You with Your Taxes!
At Lifetime, our tax advisors sincerely believe in the valuable adages we’ve outlined, and our clients know it! We are rapidly growing as a team, because we provide a level of tailored tax planning and consulting that many firms and CPAs don’t offer. Whatever your tax needs or financial goals are, our advisors can help you build the best strategy to meet them! If you’re ready to tackle your taxes with the help of our team, give us a call at (972) 771-6707 or visit our website!
We Are Ready to Help You with Your Taxes
Our advisors are ready to help you tackle your taxes with a strategy tailored to your lifestyle, needs, and future goals! Learn about what we can do for you by clicking the button below.