It's that time of the year again, and if you haven’t already started working through the process of filing your taxes, now is the time. While it likely isn’t the most favorite chore you’ll tackle this year, it might be one that pays off. According to the IRS, the average tax refund this year is about $3,000. Some might argue that getting a tax refund isn’t the best way to manage your money throughout the year, as you essentially gave the government an in... [More]
Do you really want to read about tax planning????
The answer is a big YES because it can help you and your family’s financial situation.
Goal number one in tax planning is to reduce your taxable income or adjusted gross income (AGI). Aside from the obvious fact that the easiest way to reduce your income is to earn less (duh!), the best way to reduce your AGI is to contribute to a (401k) or whatever retirement plan is offered to you by your employer. Your contribution reduces y... [More]