Tomorrow is Friday the 13th, and considering the holiday’s superstitious history, I wanted to share some tips from Twitter about avoiding bad luck with finances and taxes. This article is a different kind of Social Media Round-Up, but I decided that there is no better day than Friday the 13th to try something new because if it flops, I will blame it on bad luck. I find this mindset funny because I think much of “bad luck” is actually just bad planning, and I hope this Twitter commentary can help us all avoid the pitfalls of poor finances and poor tax planning. Let’s get started.
Personal Finance Tips:
– Spend less than you earn.
– Create an emergency fund.
– Payoff high interest debt.
– Create multiple sources of income.
– Income doesn't determine your wealth.
– Have a budget and plan for your money.
— The Rich Professor (@MrRichProfessor) August 12, 2021
The Rich Professor has so many great tips, be sure to follow him on Twitter. My favorite is “spend less than you earn,” and the one I struggle with is creating “multiple sources of income.” Which one of the tips above, if any, do you use?
TAX TIP: Just a reminder that if you're buying individual stocks or real estate, you pay a lower tax rate if you hold them for a year and THEN sell.
In some cases, that 'lower tax rate' is zero.
That is NOT a typo.
— Ron Caruthers (@roncaruthers) August 12, 2021
We have talked about this one before. And it is still crucial. Buying property or stocks and then selling is one of the tips that people always talk about, but people can run into many problems when they sell too soon. So please, wait a year, and you won’t have to blame the bad luck of Friday the 13th any longer.
✅It's #TaxTipTuesday, and the #CAA changed the rules for deducting business meal expenses in our favor. 🎉 Woohoo! Leave a comment below with your opinion and share this #taxtip. 📢 pic.twitter.com/R7hInSoB7X
— Bette Hochberger, CPA, CGMA (@bettehochberger) March 16, 2021
If you are a business owner, you should know that if you eat out at a restaurant, it is 100% deductible for 2021 and 2022. Knowing these things ahead of time can give you an incentive for tracking your expenses.
— Bette Hochberger, CPA, CGMA (@bettehochberger) April 26, 2021
And of course, the biggest tip I can give you for avoiding bad luck surrounding finances is to hire a CPA with expertise. I know it is tempting to do it all by yourself, but you should leave it to the professionals unless you went to school for finance; that’s it for this social media round-up. Did you like the new format? Let me know over on social. I’ll see you all next week and as always, stay safe.