A year ago, I was overjoyed to learn about a tax planning tool that I am now pleased to share with you. I never want to make grand claims and then fall short, but this thing, revised for the tax code of 2021, is incredible.
I had previously spent hour upon hour creating a spreadsheet of my own to best approximate my 2020 tax liability to test out how some of the many tweaks available to me would impact various facets of my upcoming tax return, including:– The Sec 199A QBI Deduction– The Child Tax Credit– My Marginal Tax Bracket– Capital Gains Tax Bracket
Making the wrong move can easily cost you thousands of dollars in lost tax credits or tax deductions. Some deductions are based on taxable income, some are based on Adjusted (or Modified Adjusted) Gross Income.
Kathryn from Making Your Money Matter proved me wrong. It is possible, and after I published my 2019 tax return, she wrote to me, sending me her ridiculously thorough tax planning spreadsheet that she had pre-filled with the data from my 1040 that I had revealed.
The planning tools she’s packaged include much more than tax planning; they’re designed to keep your entire financial life optimized and connected. This sheet makes a great complement to a course to a course like WCI’s Fire Your Financial Advisor that teaches you about the items tracked in the series of sheets.
A few years ago, I found myself exploring the jungles of Cambodia with my family. But it wasn’t Angkor Wat or the hundreds of intricate temples that enthralled me the most: it was the incredible Khmer people.
Personal money became my obsession. I devoured books, blogs, and courses. I needed to conquer money to build the life I desired, one where money was a tool to help me accomplish my aspirations, not a cause of fear and restriction.
Simply having a budget isn’t enough to achieve financial success. Being intentional with your spending is important (very much so!), but it’s crucial to cover other aspects of your finances as well.