Be Wise to Investment Taxes

When it comes to investing, there are two things you can control – how much you pay in fees and how much you pay in taxes. With fees, it’s pretty straightforward because fees are disclosed up front. A brokerage charges you $x per trade, a mutual fund company pulls x% in expenses, and both are required by law to make those very clear.

Taxes are slightly different. The tax code can be complicated and it doesn’t help that there are so many different “types” of investment accounts from 401(k)s to Roth IRAs to your plain vanilla brokerage account. When it comes to investing, what you buy and where can be just as important as what you buy.

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I Am Filing An Amended 1040 Tax Return

Ahhhh, I messed up! Sometimes it pays to get a professional and just this past tax filing season I made a small mistake that turned into a minor inconvenience that, luckily since I caught it, didn’t get any worse than it could’ve. What happened was that I messed up my taxes and was underreporting my business income by a significant amount and so I had to file the awesome 1040X Amended Return form in order to repair the error (since it was in my favor, which is bad). The plus side is that I found it before the filing deadline so there will be no penalties.

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