| Do You Dread the Tax Return Process? | | | | legally! |
| While few people look forward to filing their tax | | | | Reason #2: Not Knowing How Much Is Due |
| returns, many people truly dread it. | | | | Another reason many people dread the tax return |
| If you are in the group that dreads it, figuring out why | | | | process is because they don't know where they |
| you dread the process can actually unlock potential | | | | stand. They don't know if they are going to owe or if |
| tax saving opportunities. | | | | they are going to get a refund. |
| I come across two major reasons people dread the | | | | The truth is, the best time to know your tax liability is |
| tax return process: | | | | throughout the year, because that is the time when |
| Reason #1: Gathering the Information | | | | you can do something to reduce your taxes. The |
| Many people dread the process of gathering all their | | | | opportunities to reduce your taxes are severely limited |
| tax information because it can be a tedious process | | | | after the end of the year. |
| that can take hours. The reality is that when | | | | Take the Dread out of Finding out How Much You |
| information is gathered only once a year, it is a | | | | Owe |
| dreadful process and what makes it even worse is | | | | Knowing in June that you are going to owe $20,000 of |
| there's a good chance something will be missed. | | | | tax the following April can actually be a great tax |
| Take the Dread Out of Gathering Your Information | | | | planning tool. Having this information can be extremely |
| Gather your information throughout the year. Create a | | | | powerful! |
| system that works for you and helps you stay | | | | First, you still have the rest of the year to work at |
| organized all year round. I see the most success in this | | | | reducing that amount. Second, there may be business |
| area when the system is integrated into a person's | | | | decisions you make that can influence this amount. Or, |
| daily routine. | | | | there may be investment decisions you make that can |
| The following reports are located in the Business | | | | influence this amount. Finally, there are probably tax |
| Deductions section of Tax Mastery | | | | strategies you can implement to legally reduce this |
| 3 Rules to Simplify Your Record keeping for Business | | | | amount. |
| Travel | | | | It's not too early to start your tax planning for 2010. Set |
| A Checklist to Properly Document Your Meals and | | | | up a planning session with your CPA to find out what |
| Entertainment Expenses | | | | your 2010 taxes look like and what you can do in 2010 |
| The following reports are located in the Tax Strategy | | | | to reduce your taxes. |
| section of Tax Mastery | | | | Plus, if you haven't started the process to get your |
| Get Organized | | | | 2009 tax return filed, it's time to get that done! |
| Set up your new system of gathering information | | | | Taxes and Building Wealth Go Together |
| today. It doesn't have to be elaborate. Start with simple | | | | Taking the dread out of taxes is so important because |
| changes and build on them. The key is starting today! | | | | it opens the door to tax saving opportunities. These |
| The better organized you are, the less likely you are to | | | | tax savings can be leveraged into your wealth building |
| miss deductions and this leads to paying less in tax - | | | | strategy! |