We Blame The IRS, But We Have It All Wrong

ST. CROIX INSIGHTS

We Blame The IRS, But We Have It All Wrong

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

It’s that Time of year

You and I get the pleasure of meeting with our CPA to determine how much to include in that ‘I Love You Letter’ to Uncle Sam in the form of our hard earned money. We blame the IRS, but we have it all wrong. Federal tax law begins with Internal Revenue Code, which is enacted by Congress. Congress sets the rules/playbook for your CPA, Financial Planner, and Estate Planning Attorney. I often wonder that if the play book wasn’t so complicated how many CPA’s, Attorneys, and Financial Planners would be employed to help comply with all these regulations?

 

As time goes on, taxation and regulations will continue to become more burdensome on all of us, including our children and our grandchildren. This isn’t a conservative or liberal, Democrat or Republican perspective, it’s the bottom-line that affects both you and me. It will have an impact on both the short and long term ability for us to plan our retirement and the rest of our lives. It’s impacting our incomes, investment accounts, medical insurance, Social Security, and the list could go on. It’s time for all of to pay attention, and not just at tax time.

Blaming the IRS

I suspect I’m no different then you, I’m happy to pay my fair share. But the checkbook isn’t unlimited for any of us- you, me and even Uncle Sam. I’ve yet to receive a ‘Thank You Letter’ for all the taxes I’ve paid in. How about you?

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Ask yourself- can my portfolio support my lifestyle in my retirement? 

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