I’m back to talk about Step Four from the 8 Steps To Becoming More Financially Sound series. Today, I’d like to talk about the importance of tax strategies.
Benjamin Franklin’s famous quote, “In this world nothing can be said to be certain, except death and taxes.” Every citizen has to be taxes to the federal government. For individuals that deadline to file your personal tax return is April 15th each year. There are certain steps you can take prior to the end of the taxable year to help you. The taxable year for most individuals is on December 31st.
There are certain steps you can take before December 31st to help your tax situation. A few strategies available are charitable contributions, tax-deductible IRA contributions or purchasing equipment. Each strategy depends on your personal circumstances. You might be able to take advantage of multiple strategies, too.
Keep in mind there are more strategies available. I recommend talking with your tax professional before making any decision. If you don’t have a tax professional, give me a call at 573-686-3053. I’d be happy to sit down to discuss your situation.