This time of year everyone is thinking taxes! With that in mind, I am going to feature a guest authored mini-series this week about saving on taxes!Our guest author is Bob O'Brien, a senior instructor at mywealth.com who will offer some great ways to stave off the tax man!
Below is Bob's introductory post - Enjoy!
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I realize that for most of us taxes is a pretty boring topic, but a couple of distinctions here and there and you can save thousands over your lifetime and probably hundreds of thousands if you are a saver and educated investor.
It’s always amazed me as a Financial Planner how often people never make the link between their taxes and their investing portfolio. Many people feel that investing is one thing and taxes are another and fail to plan properly.
The real beauty is that most tax strategies are generally risk free and it’s like free money as opposed to investment strategies where we have to manage risk.
However, you will find that good tax strategies are similar to investment strategies in the fact that they are balanced, and you make decisions based upon your situation.
So let’s identify some common tax mistakes and make certain that we are avoiding them.
1. Not Selling Because You Have to Pay Taxes
As a Financial Planner and Tax Preparer, I have seen this way too many times. It's unbelievable how many people would rather hold a stock until it’s extinction than pay the 15% capital gains tax. Pay some tax, take a profit and diversify, because there are no sacred cows out there.
Check back tomorrow for part 2 of our 6 part series from guest author Bob O'Brien, or subscribe below to ensure you don't miss it!
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