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.
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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