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Take Advantage of Your Tax Return
Tax preparation
can be a time-consuming and sometimes unpleasant task. Preparing your income tax return typically requires that you track down various records and statements, balance your accounts, and tally gains and losses. By April 15, you may have more knowledge of your personal finances than at any other time of the year. Rather than writing off your tax preparations as simply part of your tax burden, take advantage of your hard work.² Maintain Asset Allocation Over time, varying rates of growth can cause a portfolio to become out of balance. For example, a strong year in the stock market paired with weak bond performance may cause your portfolio to become exposed to more risk than is suitable for your situation. Now may be the time to make adjustments to help ensure that your asset allocation is in line with your goals.3,4
It's sometimes difficult to interpret statements from your retirement plan or other investment accounts. No one wants to hang on to an investment that is under performing, but a disappointing year alone may not be a good reason to close an account and move your money. It's important to make decisions based on your long-term goals. Evaluate Your Tax Burden Tax time may help you discover new ways to lower your tax bill all year. This may be especially true as you prepare your 2003 taxes because of the many new tax-law provisions that have taken effect since you filed last year. There are many ways to use information that you glean from tax preparation. Don't pass up this chance to help improve your planning and pursue your goals. 1) Tax
Foundation, 2002 |
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On average, Americans spend roughly 26 hours and $882 per tax return to comply with
the federal tax code.¹
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Investment Performance