The last thing that you probably want to think about this month is taxes, but now is actually the perfect time to tackle some key end-of-year tax planning that could save you beaucoup bucks come April.
Samantha Vient, a Certified Financial Planner (CFP®) with LearnVest Planning, recently clued us into something big that could impact you personally: the dreaded fiscal cliff.
We wrote a nuts-and-bolts story about the fiscal cliff, but here’s what you basically need to know: Unless Congress stops fighting and comes to a compromise before New Year’s to extend certain tax cuts and perks, you could end up paying thousands more in taxes next year–money you likely had earmarked for your IRA.
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“The bottom line is that taxes are supposedly going to go up,” says our trusty financial advisor Samantha. “The government could certainly extend the cuts, but there’s this push and pull between cutting spending or raising taxes–and they are going to fight down to the wire.”
Luckily, you’ve got LearnVest on your side. Although we can’t fix this fiscal cliff mess for you, we can give you some sage and understandable advice to help you scale it.
There’s just one catch: You gotta do it now. Ready? Let’s go!