|Why is it everyone waits until February to think about their taxes?There are things that you can do before the end of the calendar year that can make a difference. January 1 may be too late.
For example: Did you realize that if you buy new equipment by December 31, you can take a deduction for the current tax year? Then you can still take the deductions for the following year. How many times do you hear of people saying they are too busy to worry about replacing equipment during the holiday season? Really, it’s too expensive not to. You have missed a whole year of deductions!
Consider selling your under performing investments before the end of the year so that you can realize the losses for the current tax year. Selling in January moves the loss to the next year. Make sure you discuss your personal situation with your financial advisor and your accountant.
I hope you have chosen professionals who respect their roles. Too often the accountant thinks they are a financial advisor. Not always the case! Don’t let their egos bowl you over. You are the boss. In the end, the decision and results are yours to own.
As always, remember that I am only proposing ideas. You need to seek professional advice and make decisions for your personal situation. Everyone is different and we can’t assume that because it worked for “them” that it will work for us.
Make it a great day!
P.S. What am I thankful for today? I’m thankful I didn’t have too much snow on my car this morning. I’m thankful I made the bus on time. I’m thankful for a wonderful time with my grand daughter last night.
What are you thankful for today?
This Is A Taxing Time
Permanent link to this article: https://barryclermont.com/this-is-a-taxing-time/