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Client Update Newsletter: February 2023

Now that tax documents have started arriving in your inbox and mailbox, it's easy to set them off to the side to worry about later. There may be some benefit, however, to filing your tax return as soon as you can. In this month's newsletter, read about several reasons why you should consider filing your return early.

There are also tips to help make sure the preparation of your tax return doesn't get stuck, and the keys to success if you're an independent contractor.

Also read about 3 rules to help jumpstart your savings.

As always, feel free to reach out with any question or comments.

Contents

Why You Should File Your Tax Return Early

Why You Should File Your Tax Return Early imageTax filing season officially began on Monday, January 23rd. Not many people file that early, but for some taxpayers it makes sense to do so. Here are common reasons to consider trying to be at the head of the line:


Tips to Make Sure Your Tax Return Doesn't Get Stuck!

Here are several ways to make sure that your tax return is prepared and filed as quickly (and as accurately!) as possible.

These are some of the more common reasons why the preparation and filing of your tax return may get delayed. Be prepared and file your return this year without a hitch!


Keys to Success as an Independent Contractor

Keys to Success as an Independent Contractor imageThe number of independent workers continues to soar in the U.S. According to MBO Partners, there were 64.6 million independent workers in 2022, an increase of 26% from 2021. The number of full-time independent workers increased to 21.6 million, up from 15.3 million in 2019.

Succeeding as an independent contractor, however, can be challenging because it requires understanding a different set of success factors than being a full-time employee. Here are some tips on developing your skill set as an independent contractor and where to turn to if you need help.

Remember that you are not alone. The complex nature of tax obligations for contractors can be navigated with professional help.


Jumpstart Your Savings with These 3 Rules

Jumpstart Your Savings with These 3 Rules imageWhile U.S. savings habits are improving, nearly 50% of Americans have no more than $500 in the event of an emergency. If you want to ramp up your savings, every little bit helps. Consider these 3 rules to jumpstart your savings and start building wealth.

  1. Create a budget. Track your expenses for one month to discover how much you really spend. Be sure to track everything, including food, utilities, household items and debt payments. Take your total expenses and multiply it by 6. This the amount of money to aim for saving in your emergency fund.
  2. Make household debt your enemy. If you're juggling credit card, vehicle and mortgage payments, your savings accounts may be starved. And without enough cash to cover emergencies, many people resort to credit cards and lines of credit to cover unforeseen expenses. So the debt cycle continues. Since you now have a budget, you can see exactly how much debt you have to pay off.
  3. Review your income. With your current level of income, calculate how long it will take to pay off all your debt, then build up your 6-month emergency fund. Depending on your financial goals, consider whether it makes sense to start a side gig, or continue upgrading your current skillset, to continue growing your income.

How to Stay on Track



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