How Can Your Tax Return Help You Live Better March 14, 2022 May Jiang Post in Financial Planning “Live like it’s your last day. Plan like you will live forever” –anonymous We are in the thick of the tax-filing season. Ah, the range of emotions from my clients! A large refund—exhilaration! A large tax bill due—frustration, anxiety, sadness, and anger( if the due is coupled with a penalty)… Small refund or payment due—a sigh of relief… No refund or payment due—wondering: I guess I don’t have to worry about it until next year? And there are always a few who like to bury their heads in the sand and avoid tax filings altogether because they simply don’t want to deal with the stress caused by tax filing complications. This is like taking Tylenol for a broken rib cage—masking the pain could lead to a bigger problem later. If you are willing to give a fresh look at the tax filing, it can be a wonderful opportunity to get to know your business, personal and financial life. Schedules C and E tell how your entrepreneurial skills have developed Schedules B and D tell your investing prowess Your K1s tell stories of both the experiences as above And various other forms that tell the stories of how you are saving for retirement, taking care of family responsibilities, changing careers, turning hobbies into businesses, or ticking off the bucket list of traveling the world or getting a yacht… Tax returns are full of useful information, helpful reminders, and unique stories. If you don’t have financial planning for your business or personal life, you should use your tax return information to get started. If you have one—good for you! Time to revisit and refine it. Financial planning doesn’t impinge; it liberates you to live your full life every day with a solid structure!