The return of the dreaded tax season is here. On the one hand we hate that Uncle Sam once again has his hand in our pocket, but on the other side of the coin, tax season is the perfect time to review what was done in the past and learn from mistakes – it is a chance to position yourself more tax efficiently for the year ahead.
Here are a few questions to ask yourself when reviewing your financial situation and 2019 tax return. Make sure you answer these honestly!
2. Is your portfolio generating capital losses? If not, it could be! Have you considered Tax Loss Harvesting? It is a great portfolio strategy to offset gains with intentionally generated losses.
3. What is your contribution schedule for the year? Are you aware of contribution deadlines and potential tax deductions for IRAs or contributions to employer sponsored plans?
4. Are you looking to implement a retirement plan for your business? It’s a great way to keep employees happy and gain some tax efficient saving options.
5. Is your corporate and personal insurance up to date and meeting your needs? You might benefit from our Policy Audit and Review services – Free for Fuoco Group and TFG clients!
6. Do you have stagnant cash? Do you have a strategy in mind so that the cash value isn’t decreasing due to inflation?
7. Are you concerned about debt, not saving enough, or approaching retirement? Do you feel having the right financial plan in place would provide peace of mind?
8. Are you still managing your own payroll and the company 401(k) plan? What if there was a better way, would you be happy to be rid of that burden?
CONTACT US: Tax Time is a good time to check your financial progress, reexamine your goals for 2020, and change course if necessary. Look at risk, look at fees, and learn what’s new! TFG Financial Advisors is just a phone call away if you need financial solutions for any of the scenarios above. Feel free to contact me, Cory Lyon, directly at 561-209-1120, with any questions regarding financial investment strategies. I act as a fiduciary for all my clients.
TFG Financial Advisors, LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities, and past performance is not indicative of future results. Investments involve risk and are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed here.
