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Time to get SMART about Taxes

This article was originally posted on Kiplinger

 

Tax planning 101: Take a close look at these six lines on your completed 2016 return. They could be clues to opportunities to save on your 2017 taxes.

Now that tax season’s pretty much officially over, you’re probably happy to take your completed return and stuff it in your file cabinet along with all your long-forgotten paperwork from years past.

But if you’re smart, you’ll go back into your files and grab that return at some point in 2017 — better sooner than later — and give it a good going over. Because with a careful review, your return can become a map that can lead you and your financial professional to better ways to save and invest your money.

Tax planning is not the same as tax preparation. It’s the art of arranging your affairs in ways that keep your money in your pocket and your portfolio. That’s typically your financial professional’s job, and if he or she isn’t sitting down with you annually to review your return line item by line item, it could be a red flag.

The vast majority of people pay unnecessary taxes year after year. For some people, maybe it’s $1,000. For others, though, it might be $10,000, $20,000, $30,000 or more. And even before you meet with your financial professional, you can do some prospecting on your own. Here are some things to look for on your Form 1040: for more information click here for the original article.