Today TaxMama hears from Bill in Maryland who asks, “What is the biggest mistake made by investors?”
Dear Bill,
You want to know the number one biggest mistake?
Act now. Ask later.
People are constantly writing to TaxMama to ask how to fix the tax effects of a transaction – months after it’s been consummated.
They don’t ask financial advisors.
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They don’t ask tax professionals.
They don’t ask anyone who’s familiar with their finances.
And when they finally do ask someone, it’s someone like me – a stranger online, a columnist, rather than their own tax professional.
As much as I appreciate the trust, and as much great advice as I do give people based on more than a quarter century of tax education, experience, representation, etc….the advice would have been better BEFORE the transaction.
In fact, I just got the most amazing call from another tax professional about the sale of a building – 2 years and two tax returns after the sale took place.
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It breaks my heart that people end up paying so much more in taxes, or penalties than the $200 -$500 it might have cost them for advice.
And the taxes and penalties aren’t even deductible.
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The professional’s fee would have been.
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And remember, you’ll find answers to lots of questions, about investments, and other tax information, free. Where? At TaxMama.com
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