Tax-loss harvesting is often bandied as a no-lose way to reduce taxes. Unfortunately, there are many pitfalls and under certain circumstances could actually increase your tax liability. Paying a service like Betterment to increase harvested losses only really works in a few limited situations.
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Take the richest person on the planet alive today and compare this person with any other. Does the richest person have more talent? Maybe. Inherit much of their money? Possibly. Compared to every parameter the richest person alive today might have an advantage over you, save one: time. Both you and the richest person alive have exactly the same amount of time every day. No one has an advantage. Or do they?
Finding qualified employees is getting harder in the tax and accounting industry. You can either reduce your number of clients, outsource or increase automation. Gruntworx is a powerful tool automating much of the data entry process on a tax return. Tedious work is reduced so you can focus on the value added part of tax preparation: review and consulting.
The message is clear: You do not need extraordinary luck. You already won the ovarian lottery, as Warren Buffett likes to say. You are alive, reading this. You already won. From here you can create a meaningful life. The tools for building that meaning and growing it to greater heights is gathered from those who have already found meaning in their life.
Even before the Affordable Care Act people were looking for alternatives to traditional health insurance. The biggest desire to change was insurance premiums that were getting out of control. Some also wanted to cut a middleman out of the equation. Payment of claims is an even more important consideration, however.
The solution to too much or too little weight is solved with generally the same strategies. There are three things needed to maintain an ideal weight: diet, exercise and sleep. Do it right and you stand a good chance of living a long time. Do it right and you increase your chances at high levels of health and happiness. Do it right and your level of happiness should go up significantly. Do it right and you will truly be wealthy.
Beating the average is “not” about finding the best of the best winners every year! It is about avoiding the clunkers. (Remember Buffett’s two rules!!! The secret is buried in there when you understand what he was saying.)
Winners are harder to find. But losers? Some are hard to spot and others stand out like a sore thumb. These deadbeats will break the Buffett rules and put you in the position of catchup. Hard to beat the indexes coming from behind.