Death and Taxes
In 1723, Christopher Bullock published a book called, “The Cobbler of Preston” wrote, “Tis impossible to be sure of any thing but Death and Taxes.” These two have stood the test of time.
Death will befall every man and woman to ever live on this earth. As our life clock ticks, we are only dying. Why the pessimism you ask? Well because it’s part our present reality. I also believe life is precious and that every human being has intrinsic value, essential value. Your life and mine have meaning, yet our days are numbered. I often question, “am I living out my life to the fullest?” I urge you to do the same. While we aren’t dead, we ought to make the most of today! Which is a good reason to pursue FI sooner than later (Read more on this here). Moving on…
Hello Uncle Sam
Moving on from death and onto taxes!
For those of us who live in the United States, it’s tax season, meaning we have to rummage through our tax documents and receipts to prepare for filing; deadline is April 17th for those who have yet to do so.
I paid right under $1,400 upon filing my taxes as I was partly working at a non-profit agency this past year, gaining about $10,000 income without taxation. I did lower my deductions and had 2 additional income streams that were taxed. Currently, I am filing my taxes through Turbotax (this link provides a discount), which has been convenient. Eventually, I will be utilizing a CPA as my income grows.
If you haven’t already, you can file for free through the IRS website, Turbotax. Another option are colleges; they have free tax preparation help as there are finance/ accounting students that need experience who are willing to provide tax services pro-bono. If you own a business or real estate, your ability to deduct from your taxes will be significantly more than if you were not an entrepreneur.
If you haven’t already maxed out your Roth IRA for 2017, you can still contribute until April 17th. Whether it be your Traditional IRA (pre-taxed income investment or Roth IRA (post-tax investment), it is worth considering these investment options.
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Thoughts on Death and Taxes?
What are your thoughts on having a strong core belief in life? How have you been stewarding your finances in order that you aren’t paying so much in taxes?