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.
Why Your Income Taxes Could Rise in 2020
Why Your Income Taxes Could Rise in 2020 Can you believe you might be paying more in taxes in 2020? How is that possible? The Tax Cut and Jobs Act (TCJA) was supposed to reduce nearly everyone’s taxes, right? It’s true that the TCJA did cut federal income taxes for most taxpayers. However, that doesn’t…
Why Are Some Americans Who Underpaid Taxes Getting a Reprieve?
Why Are Some Americans Who Underpaid Taxes Getting a Reprieve? The IRS has a reputation of being somewhat of a stickler when people underpay on their taxes, and with good reason. The agency has earned that reputation over the years, going after what seems like every last penny taxpayers owe. In fact, the IRS even…
Top Reasons to Get Your Taxes Done Early
Top Reasons to Get Your Taxes Done Early The 2019 tax season is set to kick off next week. That means now is not the time to be a procrastinator. Millions of taxpayers hate this time of year. So instead of filing their returns early, they put their taxes in the back of their mind.…
Three Ways to Improve Your Leadership Potential
Three Ways to Improve Your Leadership Potential For anyone who desires to be a leader, it can be very difficult to sit back and watch others get promoted ahead of him or her. People are not always put in positions of leadership based on ability or credentials. Often, some of the best potential leaders get…