#maximizesavings

More and more I’m starting to believe the more we have, the more we spend on maintenance, repairs, replacements and excuses to buy even more things.  For example, several months ago I sold and extra car I had. When asked about it, I said to my friend that I didn’t really need and it was somewhat controlling my spending via random expenses.   When I owned it, I had to get an oil change for a car I wasn’t even driving that much because it was past due and I didn’t want to damage anything in the engine.  So I felt like it owned me and I didn’t like that feeling. If we go through our home, slowly and methodically, I’m sure we can find several things that we can donate, sell, or just throw away because we may be hoarding onto them; perhaps for no good reason. The point is to let go of things that we think we may like, but instead the reality is those things actually own us.  

Sold an Extra Car 

    It felt like my car was controlling me and I wasn’t in control. It was a 2009 Mercedes C-300 4-matic. Fortunately, I didn’t need to or get any major work done to it for the almost two and a half years I had it. There were just oil changes and a couple of new tires. During the time I owned it, I got an offer in the mail for free wiper blades from the dealer. I knew that if I went to the dealer, sure they would put on the wiper blades but they’d also give me an estimate of all the additional work I should get done.   And sure enough they did and it didn’t seem that critical to me. One of the items they recommended to replace and I kid you not was the HORN on the car! The horn was working fine, but according to them, it had a “dull” sound and should be replaced – are you kidding me?! Nevertheless, guess what?   It was at this point that I decided I don’t really need this car,  I don’t really want this car, I don’t really want this car to own me, I want to own myself (wait does that make sense). Anyway, so I sold the car invested the proceeds in an ETF and never looked back! six months later, I’ve made over a couple hundred in dividends, in contrast to probably a couple hundred or more I would have lost in depreciation and probably some other kind of maintenance.   A study mentioned in Time magazine suggests that material possessions may be obsessed if you lack love from others and for others in your life. It made sense to me as it stated “when someone suffers from “social deficits” (i.e., loneliness), he’s more likely to grow attached to possessions. This sort of love may, in turn, lead to further “deficits,” causing a chicken-egg situation for those in the throes of materialistic love.” It’s interesting because one cause mentioned is that you can control the material possession, but instead unknowingly it ends up controlling you!  

Other Items Donated (hello tax deduction), Sold, or Straight Up Trashed

  Donated – Two large trash bags of gently used clothes Donated – Two VCR/DVD combos Donated – Brand New Laser Printer (I already have a printer). Sold – Entertainment Table (5 years old and I got $10 more than what I originally paid) Trashed – Three worn out suitcases   One item I currently have on Craigslist and Offer-up is my leather couch set. I’ve had it for more than 5 years, didn’t buy the best quality I’ll admit and now it’s falling apart, literally. I’ve patched it up as mentioned above and am trying to sell it.  But at the same time, since I’ve patched it up, it doesn’t look half bad, is still totally functional (can still recline to almost 180 degrees) and comfortable. Usually we put a red blanket on top to hide this too. Take a look at this picture (back and head rest on the right side):  

  Trashed Useless Things From The Attic

  Yes! This was one of my goals for 2017 and I can proudly say it’s done! I ended up throwing away an old bike, some beat up chairs, three suitcases (where either the handle or one of the wheels broke off), and a few empty boxes that I didn’t need (e.g., big Dyson vacuum box which I bought years ago had the box just in case). I’ll say that it definitely feels a bit liberating to get rid of things and simplify your home a bit. Now that I don’t have it, the area is nice and uncluttered and it makes my mind feel a bit nice and uncluttered well.   Recently I came across a very interesting video from the Minimalists. They talk about how less in life equals being more happy and rich in a sense of fulfillment. Check it out:   Even though I’m not quite at the minimalist level, I do see how having less can translate into happiness. Gary Belsky and Thomas Gilovich authors of Why Smart People Make Big Money Mistakes discuss the conundrum of do we own our money or does our money own us? Particularly in terms of spending, they go into the psychological reasons as to why we spend on so many material things and decide to love them as illustrated in the endowment effect and then the logical reasons for why we shouldn’t or at least scale back a little bit. So is there something you value so much that it may be controlling you a bit? Have you freed yourself from a material possession and as a result felt liberated?   The Things You Own End Up Owning You – Tyler Durden, Fight Club   __________________________________________________________________________

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Creating a sound financial foundation for you and your family is anything but easy. It is tough to save when everyone is tempting you with adding one monthly service after another. Add to that the high increases in things like property taxes and insurance and you realize that saving is becoming more of an art form than a great habit. So here are some ideas to help build your wealth.

Pay yourself first. Treat saving money with the same care as you pay your bills. Take a percentage of everything you earn and save it. Using this technique can help build an emergency fund and keep you from living paycheck to paycheck.

Know and use the Rule of 72. You can roughly calculate the number of years compound interest will take to double your money using the Rule of 72. Do this by dividing 72 by your rate of return to estimate how long it takes to double your money. For example, 10% interest will double an investment in 7.2 years; investments with an 8% return will double in nine years. Use this concept to understand the power of saving and investment.

Use savings versus debt for purchases. Unpaid debt is like compound interest but in reverse. For instance, using a 20% interest credit card to pay $1,500 for home appliances costs nearly $1,000 in interest expense if paid back over 5 years (on top of the original $1,500!). The result is that you have to work harder and earn more to pay for the items you purchase. A better idea is to save and then buy your dream item. Even better, when you save in a high interest account, you put interest to work for you to make the purchase more affordable.

Understand amortization. When a bank loans you money, it gives you a specific interest rate and a set number of years to pay it back. Each payment you make contains interest as well as a reduction of the amount owed, called principal. Most of the interest payments are front-loaded, while the last few payments are virtually all principal. Making additional principal payments at the beginning of the loan’s term will decrease the amount of interest you pay to the bank and help you pay off the loan more quickly.

The financial environment of today is calling for the best tax planning, and one will be well set to make his or her way towards financial success. Taxes are ordinarily the biggest expense most people and businesses will ever have, but through professional guidance, you could turn this into your savings opportunity. Next Level Tax Solutions is dedicated to arming you with knowledge and strategies to help maximize your savings and create a better financial outlook.

Professional Tax Guidance: Power Up. Tax laws are complicated and constantly changing. Without professional guidance, you may be missing out on opportunities, making costly mistakes, and experiencing unnecessary stress. Expert tax guidance will ensure you not only comply with the existing laws but make the most of the opportunities that exist to minimize your tax liability.

Here's why expert guidance is crucial:

Max Out Your Deductions and Credits: Every taxpayer has his or her unique set of circumstances that allow for a number of deductions and credits to become available. This can include business expenses, charitable contributions, or specific credits like the Earned Income Tax Credit—being informed about and using these opportunities can cut down on the amount of tax due immensely.

Proper Tax Planning: The effective tax planning process does not occur once a year; it is ongoing. A tax professional will help guide you in planning your finances throughout the year toward your long-term goals, whether retirement or the expansion of your business. This may save thousands over time when addressed proactively.

Avoid Penalties and Interest: Mistakes within the realm of filing taxes can attract huge penalties and interests. Expert guidance helps you steer clear of these by ensuring accuracy, timeliness of filings, and adherence to all tax regulations.

Keeping Up with Changes to the Tax Law: Tax regulations are continuously updated, so sometimes these changes can help you, and other times they put you at risk. The tax professional keeps you current with such changes and helps you tailor your strategy to take advantage of new opportunities or avoid new pitfalls.

What Next Level Tax Solutions Do At Next Level Tax Solutions, every client deserves personal tax strategies focused on their needs. Designed to maximize your savings while simplifying the tax process, our approach makes it easier for you to put your attention where it really counts—on the achievement of your financial goals.

Here's how we can help:

Custom Tax Planning: We get to work by first getting an in-depth understanding of your finances, goals, and challenges. Whether you are a single person looking to maximize your personal finances or a business looking to reduce overhead, we will design a personalized tax strategy that ensures your objectives are met.

Comprehensive Tax Planning: With these services, we will work with you around the year, developing and acting out the tax plan that will be low in filing liabilities and high in savings. We consider all the different aspects of your financial life, which involve investments, retirement planning, and operations of the business.

Proactive Tax Management: Rather than waiting for that time of the year, we keep you ahead with proactive management. Our services include regular check-ins, adjustments of your strategy as needed, and ongoing education to keep pace with important tax developments.

Expert Filing and Compliance: Accurate and on-time filing of tax allows a person to skip penalties and ensures maximum return. Our experts will take care of every detail in your tax filing, complying with all regulations to ensure that you get the maximum return.

Realizing Maximum Savings The results, however, give real savings that let you reinvest in your future. At Next Level Tax Solutions, we have helped numerous clients cut their tax burden, enabling them to improve cash flow and create better financial security.

Our commitment to maximizing your savings doesn't stop at tax season. We will stand by you year-round, making sure that your tax strategy evolves with your financial situation and continues to produce the best possible outcomes.

Conclusion As the tax environment becomes more complex, so does the need for knowledgeable guidance. Next Level Tax Solutions provides you with a highly personalized strategy and ongoing support to assist you in maximizing your savings toward goals. Whether you're an individual or a business owner, we work hard to ensure that our professionals instill confidence and ease when dealing with the intricacies of the tax system.

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Are you unsure about what records you need to keep for tax filing? Don't worry, we're here to help. Keeping good records is essential for tax filing. Contact us to learn more about how to organize your records and maximize your tax savings.