{"id":536,"date":"2023-04-27T12:31:17","date_gmt":"2023-04-27T12:31:17","guid":{"rendered":"https:\/\/bwfinancialplanning.com\/?p=536"},"modified":"2023-04-27T12:37:16","modified_gmt":"2023-04-27T12:37:16","slug":"tax-efficiency-as-year-round-activity","status":"publish","type":"post","link":"https:\/\/bwfinancialplanning.com\/?p=536","title":{"rendered":"Taxes: A Year-Round Activity \ud83e\udd2f"},"content":{"rendered":"\n

Congratulations on finishing your 2022 tax returns! Most people think that dealing with taxes is a painful once-a-year event. So, why would you consider thinking about taxes all year round? Well, do you hate paying taxes? Do you want to trim your lifetime tax bill and increase your wealth? If you answered yes to the last two questions, then using tax-efficient strategies like tax loss\/gain harvesting, Roth conversions, and asset location strategies throughout the year is a smart financial move. These strategies used appropriately can increase your overall wealth by decreasing the amount of money you owe to the IRS over your lifetime.<\/p>\n\n\n\n

Read more about one tax-efficient strategy in the first article.<\/p>\n\n\n\n

Asset Location Fundamentals<\/a><\/h3>\n\n\n\n

This article does a good job at explaining why using asset location strategies can increase your overall wealth in the long run. Investment management isn\u2019t just about what<\/em> you invest in, but also which accounts<\/em> you use. <\/p>\n\n\n\n

How to Negotiate a Better College Financial-Aid Package<\/a><\/h3>\n\n\n\n

Hard to believe we are approaching May when high school seniors and their families are coming upon the deadline to decide which college to attend. This article shares how you can negotiate financial aid packages to save money. We\u2019re now on numbers 4 and 5 from 5 Things to Know About Paying for College<\/a>.<\/p>\n\n\n

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Paying for college…
NBC’s Parks and Recreation<\/figcaption><\/figure>\n<\/div>\n\n\n

Difference Between a Will and a Trust<\/a><\/h3>\n\n\n\n

Remember when trust funds were for rich people? It\u2019s not true any longer. Living trusts can be a more effective choice in certain situations.<\/p>\n\n\n\n

When looking at your whole financial picture, estate planning is critical to ensure the ones you leave behind are cared for and aware of your wishes, especially if you have minor children or are single. Having your estate in order is a kindness for the loved ones you have left behind.<\/p>\n\n\n\n

Amy Danneil of Danneil Law<\/a> shares the differences in the two legal documents. Her comments are specific to Colorado, but there is basic information that is relevant to everyone. Please contact an estate attorney in your state if you have any questions.<\/p>\n\n\n\n

Are You Living the \u201cDeferred Life Plan\u201d?<\/a><\/h3>\n\n\n\n

Tomorrow is not guaranteed. Where are you spending your time and money?<\/p>\n\n\n\n

Why More Female Executives Don\u2019t Play Golf – and Why That\u2019s a Problem<\/a><\/h3>\n\n\n\n

This article irritates me. A lot. Throughout my career, successful female mentors told me, “You have to play golf” or “You have to be a Major League Baseball \/ National Football League super-fan.” <\/p>\n\n\n\n

Translation:<\/em> Pick up a hobby you have no natural interest in so that you can bond with your boss and other decision makers who are likely male. Change You<\/em> so you are likable to Them<\/em>. <\/p>\n\n\n\n

Wish I could say I didn’t try this advice out. But I was young and ambitious, so I did what wiser women before me told me to do. I took golf lessons and starting reading the sports pages regularly. NFL, fine. MLB, painful. And none of these efforts lasted long because I wasn’t genuinely interested. <\/p>\n\n\n\n

The fact that this career advice is still being given to women by the Wall Street Journal<\/strong> 25 years later is just sad. It makes me angry that women are still being told to change who they are so they have a chance of being invited to the conversation. What about the golf clubs that have men-only eating\/bar areas inside the men\u2019s locker rooms? What are we supposed to do then?<\/p>\n\n\n\n

For the record, I do play golf (badly) with friends to enjoy their company and nice weather, not to further my career. Looking forward to a corporate world where women aren’t told to change who they are to be more successful! <\/p>\n\n\n

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50 Ways the World is Getting Better<\/a><\/h3>\n\n\n\n

Sometimes I feel like the world is going the wrong way. I enjoyed this article as a reminder. <\/p>\n\n\n\n

23. Americans are half as likely to be murdered as they were two dozen years ago.<\/em> <\/p>\n\n\n\n

Yay! Win for humanity!<\/p>\n\n\n\n

In the Media<\/em><\/strong><\/p>\n\n\n\n

5 Things You Should Never Do With Your Savings<\/a><\/h3>\n\n\n\n

Tax Deductions and Education: What You Should Know<\/a><\/h3>\n\n\n\n

Compelling Solutions for Female Investors<\/a><\/h3>\n\n\n\n

Fun Stuff<\/em><\/strong><\/p>\n\n\n\n

Remarkably Bright Creatures<\/a><\/em> was my favorite read of the month. Not life changing, but warm and quirky. The other books I read were Pulitzer winners… and maybe I have less refined literary taste because I didn’t love them.<\/p>\n\n\n\n

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