BeautyLink - Volume 6, Issue 1 - (Page 37)

r ou re Y u g ut in F n l an cia Pl n na i F EARN WELL, SAVE STRATEGICALLY AND GIVE GENEROUSLY BY JOSEPH CLARK T his is just the beginning... of the tax year that is! There are things you may want to consider that can improve your tax return for 2014. Short of IRA contributions, which aren't due until April 15, 2014, there is little we can do for last year's tax return filing. Report it and weep, but don't get caught in the common circle of tax insanity. Most people start the new year with good intentions, but time and life pass us by and they wind up year after year doing the same thing and expecting different results. Learn More My grandfather taught me that the smallest deed outweighs the grandest intention. I am going to suggest a few things you may consider for 2014. Doing all of them would be spectacular, but promise yourself- promise your financial future-you will do at least one of them. Let's start with how to think about taxes and contrast them with the notion of investing. The equity market goes up and down. History teaches us that given enough time, diversified portfolios tend to recover from economic calamity. That was the case in 1987, during the tech wreck in 2000 and amid the widespread carnage produced during the financial crisis of 2008. The markets have proven to be resilient over time. However, you still have your annual tax bill due to the Internal Revenue Service (IRS). Most likely, you work with your accountant every year to complete your previous year's financial data and file your return in the most beneficial manner. You add up the income, subtract the expenses, complain about the cost and wait to repeat the process next year. That is the definition of tax insanity! Unlike the volatile equity markets that continually rise and fall, once a dollar is The courses ML141 - Finance Essentials and ML142 - Budgeting Essentials are available on the AACS Online Training Center at Members call AACS at 800-831-1086 for your VIP Discount Code. Visit the following URLs to learn more about these courses: and www.aacstraining. org/courses/ML142. B E AUT YL I NK | P RE P - A - RA - T I O N | 2 0 1 4 | 37

Table of Contents for the Digital Edition of BeautyLink - Volume 6, Issue 1

Message from the AACS President and CEA Chair
An Audit-Ready Mentality
Launching a Career in Beauty
Your Fire: Your Purpose
Beauty Changes Lives
Good for Them and Good for Your School
Superstar Graduate
Stopping the Taboo Mentality
Skin Care Council
Planning Your Financial Future in 2014
A Student’s Perspective
What They Want
2013 AACS Annual Convention In Review
People & Places
Associate Member Profiles: Accountants
Upcoming 2014 Events
New School Members
Index to Advertisers

BeautyLink - Volume 6, Issue 1