Here are the best tried-and-failed excuses a few businesses gave for not paying their taxes on time.

  • My pet goldfish died. A self-employed builder
  • Our business doesn’t really do anything. A financial services firm
  • I’ve been too busy submitting my clients’ tax returns. An accountant

When it comes to taxes, we know the drill. It’s a given you need to pay but what isn’t a given is how much. No matter how old you are, dealing with taxes can fill you with dread. This is especially true if you’re trying to grow your wealth and achieve your dream retirement.

Unless you know how to create a financial comprehensive plan, you’ll likely miss out on getting the type of strategy that deals with money either within or outside your retirement accounts.

A good financial advisor can recommend the best options for charitable donations, creating a tax-efficient estate plan, or making the most of tax breaks available to you. The goal is to minimize your tax burden while providing the best possible returns.

For instance, your IRAs will be a factor when you retire because it can affect your tax bracket in ways you don’t anticipate. Your taxable accounts may cause potential headaches if they’re actively traded.

The good news is this: you can avoid that headache if you have a financial advisor who can help you decrease your taxes on money you aren’t using as an income.

Our goal at Money & Clarity is to help you avoid unnecessary taxes. We want to make sure you enjoy a stress-free life. If you’d like more tax-saving recommendations, give us a call at 513-563-PLAN (7526) or book online and schedule an appointment. We’ll make sure the taxman goes away happy but with a lot less money in his pocket.

Regards,
Nikki Earley, CFP® & Dan Cuprill, CFP®

P.S. In tomorrow’s blog, I have a special story to share that demonstrates how perspective is everything. It’s good to remember that others have experienced tougher times… and thrived.

P.P.S.  To learn the steps you can take to protect and even capitalize on recent investment volatility in light of COVID-19, check out my webinar.