Dear ,
I know it’s all nice a rosy when we talk about tax refunds and receive them. But we do not take a step back to ask ourselves, “What can we do with the refund to continue building generational
wealth?”
Since we are deep in tax season, I want to remind you that a tax refund is not money for you to spend. We do not spend months planning and strategizing on taxes only for you to buy a pair of fancy sneakers and a Gucci bag, but we
do it so that you can accelerate your generational wealth building exercise.
Therefore, I suggest you do the following with this year’s tax refund:
- Fund the 2022 IRA accounts
- Use it to buy a business laptop or high-end mobile device for business (streaming and Instagram images for business). You will deduct it again as a business expense next year.
- Open a 529 for your child in 2022 and contribute your refund therein
There is more you can do with your refund – just do not spend it on anything that does not add to your generational wealth. Remember, everything that I do for you – the taxes, the strategies, accounting, bookkeeping, business
coaching, and so much more is for you to build generational wealth, nothing else. So, we do not want to throw this vision away.
Have you contacted me to prepare your 2021 tax return? If not, contact me now at (202) 618-1297 and help you increase your tax refund.
