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Redrick Terry: It is now time four your money. We’re joined, as always, by David Nelson, CEO of NelsonCorp Wealth Management. David, welcome…
David Nelson: Hi, [Redrick]. Yeah, thank you.
Redrick Terry: Absolutely. And as we reach the final weeks of file taxes, some people are still hoping for that lower bill. Uh, is it too late at this point to do anything about the amount of tax owed for this year?
David Nelson: Not for everyone, uh, depending on your particular situation, uh, I’ll, I’ll hit the easy stuff first. So, 401(k) contributions, simple retirement plans that many individuals will, will have those as far as at their employer. It’s too late, 12 31, done…
Redrick Terry: Yeah.
David Nelson: Can’t do anything about it. However, if you look at IRAS, Roth IRAS. If you look at HSAS, which is a health savings accounts, there are op-opportunities that exist, as far as here. The IRA, in particular, is going to give you, if you’re eligible, and again work with somebody component that knows what they’re doing as far as in the tax area. But, if you’re eligible, this can be a nice reduction, as far as in your tax exposure, and, for many individuals out there, again, this is the big one, and, uh, they wanna take advantage of everything they can as far as to reduce their taxes. Today as well as tomorrow.
Redrick Terry: Certainty, and in terms of last minute strategies, what are some things that people should know about?
David Nelson: Yeah, this is the scary part for me, as far as because many individuals, again they just, just, jump on something and don’t really think it through, as far as all the, all the pros and the cons, as far as both sides of it. I call it the sugar high, you know? If it’s deductible, sign me up, I’ll put something into it. Not thinking through, as far as the long term ramifications of this. And when we do planning, tax planning for individuals, we wanna talk about not just today but over a period of time.
So, charitable deductions are one of the items that we, we, we spent a fair amount of time on because it, it is a biggie, as far as for many individuals. And next weeks program, I’ll, I’ll expand a little bit more on this, as far as the opportunities that exist out there.
But that, uh, retirement plans, again, there are opportunities for individuals to take advantage of, and most people out there, are leaving money on the table, when it comes to deductions, and credits, and they need to really pay close attention to uh, uh, their taxes.
Redrick Terry: Certainly, lots of opportunities out there to maximize…
David Nelson: Absolutely, and, uh, uh, individuals, I mean, your entitled to this thing…
Redrick Terry: Mm-hmm (affirmative).
David Nelson: And that-that’s the problem that most people have, as far as in this area, they, they kind of short change themselves, as far as not thinking through, and not analyzing, as far as what should be done. Only focusing on, can I do my tax return myself versus should I hire somebody? And how much are they gonna charge? Nevermind how much they’re gonna charge, how much value are they going to bring to the table to help you reduce your tax exposure? Not just, again, today, but over a lifetime.
Redrick Terry: Very important discussion to have, especially this time of year.
David Nelson: Absolutely.
Redrick Terry: Thanks so much…
David Nelson: Everybody. (Laughs).
Redrick Terry: (Laughs). We appreciate it.
David Nelson: (Laughs). Exactly.
Redrick Terry: (Laughs). All right, and if you missed any of our conversation, we’ll make it available on our website: OurQuadCities.com
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