Brian Livesay, San Diego Financial and Tax Planner says, “There are so many misconceptions about finance and so much misinformation out there that it’s hard for me to pick just one myth, but the first one that comes to mind is the old saying, ‘two things in life are inevitable, death and taxes.’ While the former is inevitable, the latter is simply not true.”
The average person thinks he’ll be paying taxes all of his life and for him, choosing a tax preparer is mostly about finding someone who won’t screw things up. While the competence of his tax preparer is extremely important, he is wrong about the taxes, and most of the time his tax professional will have no idea how to set him up for a tax-free life down the road. Unfortunately most people will never learn the truth about this, but the reality is that with proper planning, the “Average Person” can retire comfortably, and keep Uncle Sam’s hand out of his pocket.
The first thing people absolutely must do is understand how to read their own tax return and make sure you always have a copy. Every person in America should know their way around a tax return, and one of the best practices is to make sure you understand what it is you’re signing and sending to the government. Such a decision should never be made in ignorance. It takes patience and is time consuming, but you should study and analyze your return no matter who you plan to consult with.
Ask questions of your tax preparer and make sure you understand what it is you’re filing. Such knowledge is especially important if you are planning on going rogue in future years, unless you want to leave your fate in the hands of a computer program. Too many people leave significant sums of money on the table when they file for themselves. A responsible tax professional will file amendments for clients when they review returns from prior years, but it would have been far better for the tax payer to have kept the money at that time.
There are some very exciting and innovative ways you can curtail your taxes in the future and build wealth by taking a proactive approach. Instead of having one dollar be worth 50 cents to you in the future there are methods to make that dollar worth 3 or 4 times that amount and control the tax situation at the same time. Decisions need to be made, and the time to make the decisions and to make these things happen is now.
See more about Brian Livesay in the San Diego Professional at:
You may also contact Brian Livesay in his office at 1761 Hotel Circle S., Ste 360, San Diego, CA 92108.
Or by Telephone 866-726-0725.