How to get the best return on your money
Today we are going to talk about how you can better navigate your taxes in order to get the best return on your money.
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For a long period of my life I was in the camp of always lowering expenses at all costs. You probably could have called me Mr. Frugality.
So what's the problem with being frugal in every situation?
Well if someone said, if you pay me $200 I'll pay you $1,000 back, what would you say?
Just a few years ago I thought, save the $200. I was brought up with the ideas of "save money". And "if you want something done right, you're better off doing it yourself." I talk more about how important our ideas on money are here.
Although that can be great advice, there are many times in life when it does NOT apply.
Let's take a look at taxes for example. When it came to filing taxes I understood what I was doing. With the ease of turbo tax and the internet I always thought "why pay someone, when I can just fill out the forms myself?"
Ah but see this is where I went wrong. You see the tax law is actually I giant INCENTIVE plan- when it comes to those who provide jobs, new businesses, economic growth, charity, housing for others, and so on.
Taxes arenot meant to punish , but there are certainly rules and guidelines that you must abide by and I always recommend playing by the rules.
Now rather than spending the next 5 years or so of your life learning every nook and cranny of the tax code, why not just hire someone who has already crossed that bridge?
That is what I did back in 2013 and man has it made a big difference in my pocket. Taxes are the biggest expense we'll have in our life and I talk more about it here.
So instead of extreme couponing, haggling at a yard-sale, and craigslist bartering, why not make 1 simple change that will have a profound impact on your money AND that you don't have to do any work for?
Just as an example when I did my taxes on my own in 2012 I was in a pretty high tax bracket. Late in 2013 after interviewing and finally selecting a CPA that I hired, I was able to lower my tax rate by 9.3%!
Not only that but my CPA mentioned how important tax planning is, and that if he had the full calendar year to work with me he would have been able to help me save even more. After meeting with him yesterday and executing our plan for 2014 I am projected to lower my taxes an additional 6.9%!
So what does this all mean numbers wise? It means that for a small cost of hiring a CPA, I am now projected to pay 16.2% less in taxes.
How does this look savings wise? If you pay
$10,000 in tax you save $1,620
$20,000 in tax you save $3,200
$40,000 in tax you save $6,400
Not a bad savings for first full calendar year working with a CPA!
The great news is it really is a win/win/win deal. The government wins because you are actually paying attention to the tax code and putting your money in things they want you to!
Your CPA wins because he is getting paid for what he/she went to school for and also is helping the government allocate money the way they want.
Last and most important you win, because you've created employment for someone in your local area, you've saved a lot more money then you could clipping coupons, and you now have more freedom with your time to go do the things you want to do in life!
Hope this tax tip helped you out. Remember that learning = behavior change. So don't just read, actually go out and do it!
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Posted in Financial Services Post Date 03/25/2020