Taxes were my largest expense again in 2018. It’s no surprise. Although I’ve eliminated most income tax, real estate, employment and various state taxes remain.
Overall, we Americans spend more on taxes than food, housing and clothing combined. Most of us monitor and plan to control these other expenses but few take any action to plan to reduce their tax expenses.
A few hours spent on tax planning remains one of the best ways to improve net financial performance. I hope to hear from more people who intend to reduce their tax expense next year. It’s always exciting to see these abstract plans develop into real money-saving machines for clients.
Best wishes for a successful and profitable 2019!