Start Your Tax Season Fitness Plan Today

You’ve probably heard the Greek myth of Sisyphus. You remember him - he was the guy in Hades who kept rolling a big stone up a hill. As soon as he got to the top, he lost his grip and the stone rolled back to the bottom again. He was condemned to repeat the pattern forever.

Why the lesson in mythology this morning? It's because a lot of people behave just like Sisyphus every year in regard to their taxes. They kill themselves to get all their financial records organized at this time of year. Then as soon as the meeting with their tax-preparer is over, they put the whole issue of taxes out of their minds. And the next year, the stone has rolled back to the bottom of the hill and they have to start getting prepared all over again.

My friends, there is a better way. Let me share some simple strategies from the financial experts at the Trump Wealth Builder’s Network:

•  To automate your record-keeping, pay for all your business and/or deductable expenses using one card, such as American Express, that will generate a year-end summary of your expenditures.  

• Adjust your current W-4 allowances now to reduce withholding, improve cash flow - and keep more of your money in your own hands. If you’ll be getting a tax refund this year, why apply it to next year’s taxes? That amounts to putting your money in Uncle Sam’s hands for a year. Don’t you have a better idea about what to do with it?

• Review your participation in employer-sponsored retirement plans to make sure you are maximizing your contributions.

• Make a smart decision about how much withholding you should pay on state or local income taxes. The goal is to have just enough withheld so that you neither owe taxes on April 15^th or get a refund.

• Consider now how your situation might change in the year ahead. If you are about to start paying for the care of elderly parents, for instance, ask your tax preparer whether you can structure your expenses to make them deductible.

Above all, set up systems for keeping well-organized records. An IRS audit will only scare you if you don’t have your paperwork organized.

And while I have your attention, isn’t this the year you should take your wealth to the next level by joining Donald J. Trump’s Wealth Builder’s Network? It’s the premiere division of Trump University for individuals who want to amass substantial wealth. Free trial memberships are now available.