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Join us as we talk about and expand on the 4 mistakes below!


1.  Not getting help with your tax return – Self-prepared tax returns

  • Work with a trusted tax professional. 
  • Even those who use tax software can run into trouble if they don’t understand the tax law. 
  • Manually prepared returns are the most unsafe way to file taxes.


2.  Missing common tax savings opportunities

  • Tax-free Roth conversions are possible for those with low income. 
  • Consider QCDs instead of RMDs in order to avoid taxes on your IRA distribution. 
  • Donate appreciated stock rather than giving cash to your local church. Be sure to provide your tax preparer with these details so that they are recorded accurately.


3.  Going into debt (not planning ahead)

  • Use a spending plan. 
  • Tell your money where to go. 
  • Every dollar has a name. 
  • Save for larger purchases (i.e., next car, vacation, Christmas, etc).


4.  Take social security too early (if applicable)

  • If possible, wait until full retirement age to protect your spouse. 
  • Every year you delay (age 62 to 70) your Social Security benefit increases by 8%.
  • Surviving spouse gets the higher of the two SS benefits…so delaying is a loving action toward your spouse!



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