Thinking Out Loud

Couple Things To Avoid This Tax Season

By Keryn Nicolson

So I came across an interesting article in Forbes a couple of days ago and figured it would be prudent of me to share it with all you wonderful people. It's tax season. Some may owe, some may be due. Regardless, it's probably a bit too late at this point to greatly affect the outcome of last years tax return BUT here are a few interesting tips that some industry experts have to offer: (Now most of this information is like Sanskrit to me so I will do my best to translate into "Keryn terms":

1) Contribute To An IRA: As I understand it, there are several (if not more) IRA's you may or may not qualify for. One in particular that sparked my interest is a Roth IRA. The contributions you make are not deductible, but the money in your account can grow AND grow to be tax-free after age 59 ½ (which I find that number to be hilarious). This is unlike a traditional IRA, since you can actually withdraw your sum contributions (BUT not any earnings) at any time without any taxes or penalties. There are income restrictions however with Roth IRA's.

2) Don't Wait Till The Last Minute: I mean, most of us have probably done this at least once. I swear tax time sneaks up on me like a garden gnome every damn year (garden gnomes used to scare me. Okay, they still do). You may or may not know how complicated your tax return will be so waiting until the last minute could potentially cost you more money. As an example, I used to get my taxes done by a family friend which was the best deal around-- but I waited too long one year and ended up having to go elsewhere, therefore paying more mula.

Having said all of that, pop on over to us good folks and the financial wizards at Industry Standard Inc. for ALL your tax refund needs! (I am not one of the financial wizards, fret not).

Reference: https://www.forbes.com/sites/financialfinesse/2017/01/19/3-big-mistakes-to-avoid-this-tax-season/#54c1c88c1b28

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