WHAT ARE YOU WORTH?

Do you know your net worth?  Net worth is the amount your assets exceed your liabilities.You should monitor this number regularly.  It will tell you if you are headed in the right direction.  Your net worth is not hard to compute.  Add your bank accounts, investments, savings and checking accounts.   Add in your retirement accounts and Social Security monthly benefit.  Next determine the value of your personal property such as cars, jewelry, watches, and the value of your home.  Be honest (underestimate) in your appraisals.  

Then subtract all debts, mortgages, credit cards, and all other outstanding obligations.  

Now you have it.  Your net worth.  Check this number every three months.  You want it to increase.

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YES YOU OWE TAXES

YES YOU OWE

No one wants to hear these words.  But if you do hear them, it does NOT mean your tax professional is at fault.  Usually it has to do with under-withholding of income taxes either on your paycheck or under paying estimated payments as an Independent Contractor.  Did you change tax preparers because you owed last year?  Did you owe again this year?

The question you should ask is WHY do you owe ever year.  If your tax person cannot give you a sufficient answer, ASK US.  If there is something about your taxes you do not understand, ASK US.   We can help you understand your taxes.