March Madness is here! The NCAA college basketball tournament is the second largest grossing sports event in America, slightly behind the Super Bowl. Though the tournament is set to begin on Tuesday March 17th, the real March Madness has already begun: tax preparation and planning!
Proactive tax planning means more than completing your tax return by April 15th. As our country tackles it’s massive debt and entitlement program obligations, additional taxes, including tax on retirement accounts, college saving accounts and the so called “Fair Share Taxes” leads for concern about where taxes will be 10, 15, or 20 years from now. Today we have choices: (1) we can choose to ignore the pending threat of higher taxes, and cross our fingers that they do not go up, or (2) we can implement some strategies to insulate and buffer ourselves against higher taxes. It’s time to lace up your shoes, get on the courts, and win yourself a financially secure future. Remember, we also still have a free TV to give away: just let us know what you are doing today to add more tax efficiency and shelter yourself from higher taxes, and you’ll be entered in the raffle. To help you with the process here’s our Final Four Tips!
- Create a financial plan
Working with a professional to get an overall financial plan done can help to identify opportunities for more tax efficiency. Some people like to do things on their own, and that is perfectly okay, but the value that a financial professional can bring cannot be overlooked. There are many things that can be accomplished through hard work and learning from your mistakes but your finances should not be one of them. Read more