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I like April 15th!

Within a few weeks, we will be approaching one of my favorite days of the year April 15th.   This is the last day of the official tax season unless you are filing an extension.   If you ever want to see something truly funny, park your car around 10 p.m. outside of a U.S. Post Office on the last day of tax season and watch the masses flock with their tax returns.

The thing I like about April 15th is asking the question, “Did you learn anything different this tax year than the year before this one?” Each year, people seem to spend more time watching Dancing With The Starts or some other reality show than figuring out ways to save money in taxes.   By the time the 2009 tax season ends on April 15th, we are almost a trimester into the 2010 tax year.   This is the time to reflect and ask yourself what you will do differently in 2010 to create a different outcome to keep more of what you make.

Perhaps this is the year you really consider whether to sell off long-term capital gain positions given that capital gain rates will likely go up in 2011?   Or, maybe you should consider converting your IRA’s to Roth IRA this year?   Could there be four or five tax deductions you legitimately could have been taking, but didn’t even realize were available to you?   If you are a business owner, there may be five to ten more based upon your company and employee structure that could be available to you.

I like April 15th to hear the stories of the self purported winners and losers.  The people who got the refunds, the people who owed money, and those that aren’t quite sure how they broke even.   Tax time shouldn’t feel like a trip to the doctor’s office wondering what your yearly physical will look like.   The tax code is written, and what it really takes is a little time and planning to figure out how to increase your bottom line.   Surely your reality show has to be better than the one on TV.

Other Articles – Is it smart to get tax refund?, Great Small Business Tax Deductions, 2010 Mileage Rates!, The Top 10 Most Overlooked Tax Deductions , Tax Changes For 2010

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

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About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

Hey!

My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

Read More About Ted Here

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

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One Comment

  • Avatar
    March 25, 2010

    Great post Guys,

    Love the visual. The sheep all herding into the post office pen before midnight. Those that watch Dancing with the Stars more than they focus on their finances get what they deserve. Between the time Rhonda and I spend on our finances and with you and Kile’s help, we are breathing easier. Thanks again for 45% gains over the last 14 months. Frank Duffy

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