We experience 4 seasons every year, with one season leading into another. Nothing we don’t already know.
However, I would argue that tax season is the only season that is year-round and isn’t something to start thinking about just before they are due.
There are two distinct considerations in terms of taxes.
- Tax Planning (what we help people do).
- Tax Filing (what tax preparers do).
Tax planning is a year-round endeavor, tax filing is not.
Looking back at the minimum and maximum tax rates over the last 100+ years, it’s imperative to know where you fall within the tax schedule, and how to plan and act accordingly.
You would be hard pressed to find someone who thinks tax rates will be lower than they are today. What are you going to do now to capitalize on this?
You can’t change the past, but you can change your future.
-Paul R. Rossi, CFA