1.    If you might owe taxes… review the list of potential deductions. Do you know what’s available? Diane Kennedy’s book, Tax Loopholes of the Rich has a great list.   Also, Jackson Hewitt Tax Service has a quick list of tax deductions for free that are often overlooked. Review these lists and look at where you spend money. Then bring this list to your CPA. I have a list of around 300 deductions that I use with my wealth coaching clients.

2.    Prepare for next year with a system… What is your wealth building strategy? What is your money management system? What is your process for building lifelong wealth? If you are shrugging your shoulders at these questions then you need a system.  But first, you must start thinking like a banker.

3.    Create a Tax Advantaged Environment… What that means is that you should be doing everything legally available to maximize your tax advantages and minimize your tax liability. For example, There are four ways you can protect your income and your assets for a more joy filled retirement.

• Entity Structuring – set up an LLC, a C Corp, an S Corp or other legal business structure that will give you the greatest tax benefits and asset protection. You never want to hold real estate personally and LLCs are often great vehicles for protecting your investment and your family from legal hassles.

• Banking System – Utilize the proper life insurance products to establish a system of managing your cash flow and earning the interest on things you finance instead of paying interest to the bank or finance company.

• Self-Directed IRAs With Checkbook Control – A lot of peoples’ retirement accounts have taken a beating in the last year but there is a way to recover some and do better next year. Set up a checkbook controlled IRA and tie it into your banking system to maximize your earning power while reducing tax liability.

• Elite Family of Trusts – Trusts are powerful vehicles for creating long-term wealth and setting up a financial legacy.

4.    Tracking Software (Quicken, Quickbooks, etc.) There are many programs to choose from but the most important point I want to make is that if you don’t know where your money is going you won’t know where it went. Solid wealth building strategies require that you track your money well. If you’re not on a good financial management software program this is the ideal time to set it up so you can be ready for the new year and a fresh start.

To learn more about our wealth coaching programs, wealth building guides, or other financial education tools, drop me a note or give me a call!

Have a prosperous day!

Gabby Huguenin
Wealth Coach

208-263-7202

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, give me a call!