Why Should You Adopt a Lifetime Tax Strategy?

Most people like to think about tax strategy in April. Beyond that, it is business as usual. The problem with this mindset is that you can miss out of the many advantages future thinking can provide. Here are three reasons that you should consider putting together a lifetime tax strategy.
First, when you think about your tax strategy as a lifetime effort, you can adopt a strategy that will lower your taxes. For example, if you own a home, the interest you pay on your mortgage is tax deductible. Because mortgages can affect the amount of taxes that you pay, you can consider a strategy that will give you the most return from your mortgage and that can save you money.
Another reason to adopt a lifetime tax strategy is so that you can take advantage of the tax code. Millionaires seem to find all kinds of ways to work around a tax code because they are constantly thinking in advance. If you know what you want to accomplish in the future, your tax strategy can help make those dreams a reality. It just requires forethought.
Finally, a lifetime tax strategy can ensure that you won’t have to pay more taxes than you have to. Tax provisions can be difficult to understand for anyone. The ability to take advantage of the tax exemptions and provisions available can save you thousands of dollars that will affect your 20-plus years of retirement. You don’t have time to not think about your future financial goals.
One of the best ways to truly examine your tax strategy is to talk with a financial specialist. A specialist is there to help you think ahead so that you can make the most of the money that you work so hard to earn.

Karla Dennis

As seen in Forbes Magazine, Karla Dennis is an expert tax and business strategist. As an enrolled agent, Karla is licensed to represent taxpayers in all 50 states. She holds a Masters in Taxation and Business Development and is the author of two books, Tax Storm and Against the Odds.

Karla, CEO of consultancy firm Karla Dennis And Associates, Inc.™, has saved her clients thousands of dollars and has been featured in various media outlets such as Forbes, MSNBC, KTLA, Yahoo! Finance, and SmartMoney, marking her as the ultimate tax expert.

As of 2014, Karla became the new host on the “Mind Your Business” radio show, KTLK AM 1150, sharing her financial and business knowledge with the greater Orange County and Los Angeles areas. As a supporter of women’s rights and issues, Karla is part of the Women Network, an organization built to educate and mentor women. In addition, Karla is the radio host for Women Network Radio, a show that aims to uplift and empower women of all walks of life.