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Why You Should Always Be Tax Planning

This past weekend I took a trip down to Louisville, KY to experience something that I always have wanted to see…the Kentucky Derby. The stereotypes of the Kentucky Derby are mint julips, big hats, and bright colored clothing….and they are all true. I opted to go with a baby blue colored coat and some coral colored dress pants. Leading up to the trip, I tried to learn as much about horse racing as I could. Now, I am a huge sports fan, but horse racing is not my forte’. Therefore, I opted to place my trust in the “experts” for their opinions on which horse would win.

I ended up placing my money on Gun Runner, who led most of the race, but faded to third place in the end. The winner of the race was the favorite, Nyquist.  I did not end up cashing in any winning tickets and a few of my friends only won a couple hundred dollars.

However, let’s go ahead with the scenario that I dreamt up in my head…

Zack Bacon riding Grand Cherokee, Sam Padilla riding Sauxsoe, Don Proctor riding Suntana and Marcus Chet Delorme riding Mucho Mite try to catch Don Herber riding Dudon as they make their way around the final turn Sunday at Pari-Mutual Horse Races at the Brown County Fairgrounds in Aberdeen. Herber and Dudon won the race. Photo by Dawn Dietrich-Sahli taken 5/17/09.

“Oh my gosh, I just won $10,000 on this Trifecta bet! What am I going to do with all of this money?!?”

Step #1 : Enjoy the night in Louisville as a high roller.

Step #2: Call Hammernik & Associates to see how this effects my tax situation.

Now, I know in reality that calling up your tax guy is not in the forefront of your mind on a daily basis. However, when any life changing event takes place, or is about to take place, I cannot stress how important it is to give us a call to set up a tax planning meeting.

It is a guarantee that every year we will come across tax returns that could have benefited significantly from some quick tax planning. Don’t let this happen to you this year. If you are getting married, divorced, having a child, switching jobs, getting a raise, taking money out of a retirement account, won a bunch of money, etc. these are all reasons to do some tax planning.

We all make sure to brush our teeth as best as we can the night leading up to our dentist appointment, right? Does that really do anything? No, we are still going to get called out for not brushing enough either way. It’s too late…

The same holds true with your tax return. If you wait to address something that can affect your tax return, it is going to be too late to help.

Brush your teeth throughout the whole year!

So now that I covered everything from horse racing to dental appointments, give us a call to set up your tax planning check-up….before it is too late!

 

P.S. Kentucky does not have any state tax, so all my dream would have had to worry about would be how much federal and WI taxes to pay.

 

Until next time,

Nicholas Hammernik, EA

derby

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