Successful Investing With Taxes in Mind
There are many ways to earn money, but no matter how you get your income the IRS wants its piece of the pie. That includes any gains you make from your investments when you sell them. Although everyone does have to pay tax on their gains, you shouldn’t give the IRS any more than what you’re legally obligated to pay
With that in mind there are some strategies you can implement to be a tax-conscious investor. Contributing to a tax-differed retirement plan is a great way to save money. Although you will eventually have to pay tax on the income, you can accumulate a significant amount.
Another option is to consider tax-exempts. These are not for everyone, but if done right these investments can in some cases provide an investor with more gains than the after-tax return from a taxable investment would.
Mutual funds are another type of investment that can pay big dividends, but they must pay out their gains every year. That means unless you have losses from other stocks to offset those gains, you will need to pay taxes on them.
Anyone can invest, but not everyone knows how to invest wisely when it comes to taxes. If you would like to learn more about how to become a tax-conscious investor, then click here, or contact us at GROCO today. We can help you make wise investing decisions when it comes to your taxes. Call 1-877-CPA-2006 or click here to contact us online.
8 Rules of Building Wealth
8 Rules of Building Wealth Forget Performance; look at fees! Remember that it’s not what you make, it’s what you keep. When evaluating an investment evaluate the cost to generate an investment return. If you are using an investment manager compare the performance of the investment net of fees. Be careful when entering into non-tradition…
Is Accounting Boring?
Is Accounting Boring? By William Brighenti I’ve noticed on Twitter a bunch of tweets from younger people complaining that accounting is boring. This may very well be true for those who are not accountants. Non-accountants include those individuals who once loved accounting until they took intermediate accounting in college and then switched their major to…
Business Plan
Business Plan A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Because it provides specific…
Choosing a Legal Form for Your Business
Choosing a Legal Form for Your Business In starting a small business, one of the first questions you should ask is what form of legal entity you should use or “How should I organize my business?” Also, as your business grows and changes, you should from time to time ask yourself whether the entity you…