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Hug An Accountant Today!

Hope you are done with your 2021 taxes! If you have a tax preparer, give them a hug, a big one. It’s been a particularly rough tax season. Tax preparers are leaving the profession in record numbers, and there are not enough new recruits to replace them. Couple this with the major tax legislation enacted over past few years (TCJA, SECURE Act, CARES Act, etc), and you have overworked, overwhelmed, under-appreciated accountants doing your taxes. Not a great situation.

While financial advisors and planners are not a substitute for a CPA, they should be reviewing your tax return every year. Taxes are the biggest expense you’ll have in your lifetime. This makes tax planning a critical part of any comprehensive financial plan. While most tax preparers see your financial information once a year, financial advisors and planners are actively involved with your personal finances throughout the year. We can offer tax planning strategies that minimize your tax expenses over your lifetime. And we also act as a second set of eyes and can (and do) catch commonly missed items on tax returns like QCDs and backdoor Roths. If your tax return doesn’t report it, it didn’t happen according to the IRS.

Your accountant probably increased prices this year. If not, consider yourself lucky and expect a price increase next year. Here’s a quick, entertaining video on why accountants are raising their prices:

Here’s what I’ve been reading lately:

As you know, I am a huge fan of Carl Richards. In this post, Carl talks about how people buy an investment and then hope like hell (my words…) the value of the investment goes up. Sound familiar? I see this particularly with professionals who have equity (RSUs, ISOs, NQOs, ESPPs) as part of their overall compensation.

Hope Is Not an Investment Strategy

In these cases, they receive the shares of their company so the stress of whether or not to buy the stock is not a concern. But now they have the stress of deciding when to sell. ? This is where the Hope Strategy comes in. Many get so overwhelmed that they end up holding their shares because they don’t know what else to do. Everyone can benefit from having a clear idea of why they invest and their investment strategy.

When You Think About Investing, Don’t Think About the News

A good reminder of what to think about when investing.

Find More Ways to Be an Outsider

As someone who has always felt like an outsider and spent much of my life trying to blend in, it was interesting to read about the benefits of being an outsider. Guess everyone should try it!

Why Gardening Offers a ‘Psychological Lifeline’ in Times of Crisis

It’s that time again… Time to buy this year’s plant victims. Every year I say I’ll stop, but every spring, I’m buying more. Here’s last April’s victim. Oops.?

Do You Have a Strong Circle of Friends?

This article talks about what women have known for centuries – find your tribe, care for your tribe.

New Look for BW Financial Planning

Please take a minute to take a look at the new website. All comments/suggestions are welcome! Thank you!

Special thanks to Sienny at Mood Lab for creating the aesthetic. My hope is that visitors will feel comfortable and welcomed when they come to the site.


BW Financial LLC dba BW Financial Planning is an Investment Adviser registered with the State of Colorado.

All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this communication’s conclusions. This communication is for informational purposes only and should not be construed as legal, accounting and/or tax advice. Should you have any questions and/or issues in these areas, please consult your legal, tax and/or accounting adviser.

Financial Planning, Investing, Tax Planning