Many of us buy life insurance because we want to make sure that our loved ones, especially dependents, remain financially secure after we die. Income replacement is the No. 1 reason people buy life insurance.
Non-earning caregivers also have an important – and often overlooked – economic value that should be covered by life insurance.
Life insurance is also purchased by those interested in achieving specific business or estate-transfer goals.
As a tax professional, I prepare hundreds of tax returns every year. When I first started out, I used to think that the best way I could help people was to prepare a return as accurately and as quickly as possible. You know, provide great customer service.
And it is very important that your return be done “right” –all the numbers on the right lines, using the right forms, etc.
But no matter how good a job I did preparing tax returns, every year I would hear the same complaint over and over again from my clients:
“I pay way too much tax. The government is getting way too much of my money. What can I do to pay less tax? How can I lower my tax bill — legally?”
Sound familiar? I’d bet a lot of money that you’ve felt this way, too. Most people feel this way. And I know that most small business owners feel this way.
And most people really don’t know what to do about it. I mean, what can you, the typical self-employed person, do to lower your taxes?
I’m here to tell that there is plenty you can do. So let’s get started. Here are 4 simple steps you can take to drastically reduce your taxes:
The importance of insurance cannot be over-emphasized and neither can the danger of paying for insurance you don’t need. It is strongly recommended you solicit the advice of an in-dependent business insurance agent. Don’t forget to SHOP! Talk to three or four independent agents and compare notes and prices. An insurance agent will lay out a vast array of insurance coverage much of which you simply may not need. Your situation will be unique and you must consider each insurance element carefully to ensure comprehensive coverage.
Investment advice is usually geared toward those with thousands, or at least $1,000 to invest, in addition to the standard three-to-six-months salary socked away in a savings account.
Most of us know how important it is to supplement our retirement with additional investment in traditional taxable investment accounts. Simply maxing out your IRA contributions and putting away 6% of your paycheck into the employer’s 401(k) just may not do it, but not everyone has the thousands that most investment advice requires.Here is a plan developed with the ultra-small investor in mind. It takes just $100, every month for a year.
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