How to Go From Tax Prep to Tax Plan

Is your tax return done? Will you file on time? Did you find that receipt? How much will you owe Here’s a better question: Why put yourself through this every year? As the tax-filing rush winds down, shift into tax planning mode for a more sane (and perhaps more profitable) 2012.

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Tax Rx: 3 Tips for Deducting Medical Expenses

It’s important to understand how medical expenses affect your taxes and financial planning. The reason, of course, is that health care costs can add up in a hurry. When you know the rules, you can make the most of any opportunity to reduce your tax obligation. As you review your medical expenses, here are three questions to consider.

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3 Decisions You Need to Make When You Shop for a Heavy Truck

Shopping for a truck involves three separate decisions. There’s the vehicle itself, the money to pay for it, and the taxes. Like legs on a stool, all three need to bear weight if that truck is going to help you make a good living.

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Two Easily Overlooked Items on Your Financial Plan

After tax season, I get calls from our self-employed clients wanting to review their past year in terms of both the business operation and their personal income tax. Some people just have to see the final result on the dreaded tax return before all the talk about planning and preparation finally hits home. These financial reviews can cover a wide range of topics—no individual is exactly the same. But two topics come up year after year.

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Should You Take Your Retirement Benefits Early?

These days, the concept of a retirement age may seem to be just that—a concept. People are already saving less in order to pay for everyday expenses and plan to work longer to make up for it. Even if you haven’t reached what the government considers retirement age, you may still be able to tap into the Canada Pension Plan.

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4 Ways to Lower Your Risk of a Tax Audit (and Cut Your Tax Bill)

The trucking industry has a mile-long rap sheet of non-compliance when it comes to taxes, which is why owner-operators are big targets for auditors. Fortunately, you can lower the risk of an audit and potentially reduce your tax obligation at the same time. It’s a matter of structuring your business properly, getting organized, setting up regular financial reviews, and asking for help.

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Podcast: How to Keep Paperwork Organized in Your Cab

With tax rates as high as they are, it pays to get a receipt for every single business expense. But those little slips of paper are hard to track if your office is a truck cab. If you can’t properly document an expense, you risk losing that claim. Steve Mulligan of TFS Group talks about a cheap, simple, effective way to organize receipts in the cab. Click here to listen.