Yes, I know. Tax season is far, far past us (cue angelic chorus from above). Those tight deadlines and stacks of financial documents are all nicely tucked away in our mental or physical files--or completely forgotten and shredded.
So why discuss taxes in the Summer? Filing taxes each year is one thing, but doing a little tax planning for your family is not only essential, but it’s wise to do so well before year’s end.
In that light I’d like to discuss tax deductions, but with a perspective that’s crucial to understand which I don’t hear discussed very often. And while I’m not a tax professional, I feel that understanding the nature of deductions can make one of the most significant financial impacts on your tax situation each year.