Valodym Uitovsky, CPA on LinkedIn: Learn top three key habits to wealth: . . . . 1. Always hussle to earn… (2024)

Top 3 daily habits that ruin your financial future: ....Waistful spending is the same as throwing cash into the dumpster. 1. "Starbucks" habit: $10 a day on a coffee does not seem like much, but this same daily amount invested over 30 years will grow into $350,000 portfolio!2. Shopping - anything you buy today is robbing your financial future. Money only grow into financial assets if invested. 3. Expensive cars - depreciate very fast. $90,000 BMW will be worth $25,000 in just 3 years. On top of $65K loss, you pay extra for insurance, property tax, gas, and many more. The same money invested will grow into $1M financial portfolio in 30 years!Learn to appreciate used cars instead.

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Top 5 strategies for maximum tax refund: 1. Claim All Deductions: Don’t miss out on any deductions you’re eligible for, such as charitable donations, educational expenses, or medical bills. Every little bit helps to lower your taxable income.2. Maximize Retirement Contributions: Contributing to retirement accounts like a 401(k) or IRA can reduce your taxable income.The more you contribute, the larger your potential refund.3. Educational Credits: If you’re paying for education, you might qualify for educational credits like the American Opportunity Tax Credit (AOTC) or Lifetime Learning Credit (LLC), which can directly reduce the amount of tax you owe.4. Adjust Your Withholdings: If you consistently get a large refund, consider adjusting your tax withholdings on your W-4. This means you’ll get more money in your paycheck throughout the year, but it can also help in managing taxes more efficiently.5. File Electronically and Early: Filing your taxes electronically and early can speed up the processing of your return and refund. Additionally, it minimizes errors, which can delay refunds or trigger audits.Remember, always keep good records and consult with a tax professional if you’re unsure about your specific situation.

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Top 5 mistakes that ruin your financial future:......1.Not Saving Enough: Many people don’t put away enough money for emergencies or retirement. Start saving now, even if it’s a little, to build a safety net.2.Living Beyond Means: Spending more money than you earn leads to debt. Stick to a budget that covers your needs without relying on credit cards for every purchase.3.Ignoring Debt: Not paying attention to debt, especially high-interest ones, can snowball into a financial nightmare. Prioritize paying off high-interest debts to avoid drowning in interest payments.4.No Financial Planning: Failing to plan is planning to fail. Without goals and a plan for your money, it’s hard to grow wealth or retire comfortably. Set clear financial goals and steps to achieve them.5.Skipping Insurance: Not having insurance (health, home, auto) can result in massive expenses when unexpected events happen. Ensure you’re adequately insured to protect against unforeseen financial shocks.By steering clear of these mistakes, you can pave the way for a more secure financial future. Start today; your future self will thank you.

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How to reach $1M portfolio?.....To reach a $1 million portfolio in 15 years with a 7% return, here’s the plan:1.Monthly Investment: Invest approximately $3,214 monthly. This consistent contribution leverages compound interest, where earnings on your investments generate their own earnings.2.Choose Wisely: Aim for a diversified mix of stocks and bonds that historically yield around a 7% annual return. Remember, returns aren’t guaranteed.3.Low Fees: Opt for investments with low fees, like index funds or ETFs. High fees can reduce your earnings.4.Stay the Course: Keep your investments untouched for 15 years to maximize growth.Investing $3,214 every month at a 7% annual return can help you grow your portfolio to $1 million in 15 years. Discipline and patience are crucial to reaching your financial goal.

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How to get to $1,000,000 in investments in 15 years?....To reach $1 million in 15 years with a 7% yearly return, you need to save about $3,214 every month. Stick to this plan, and you’ll be on your way to hitting that goal!

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Top 5 Strategies for minimizing tax due:...1.Max Out Retirement Accounts: Putting more into your 401(k) or IRA lowers your taxable income now, saving you money.2.Use a Health Savings Account (HSA): Contribute to an HSA if you’re eligible. Your contributions are tax-deductible, and spending on qualified health expenses is tax-free.3.Harvest Investment Losses: Sell off losing investments to offset the taxes on your gains. It helps balance out your tax bill.4.Donate to Charity: Giving to charity can reduce your taxable income, offering you a tax break while supporting good causes.5.Claim Education Expenses: If you’re paying for education, certain expenses can be deducted or credited, lowering your taxes.By leveraging these strategies, you’re playing the tax game wisely, potentially keeping more money in your pocket. Always consider consulting a tax pro to best apply these tips to your situation.

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How to avoid tax penalties: ....1. File on Time: Make sure to submit your taxes by the due date. If you're running late, ask for an extension to get some extra time without getting fined.2. Pay What You Owe: If you can, pay the full amount you owe. If that's tough, at least pay a part of it to reduce penalties.3. Stay Organized: Keep your tax documents neat and accessible. It makes filing easier and helps you catch any mistakes.4. Double-Check Your Work: A quick review of your tax return can catch errors that might cost you later. Better safe than sorry!5. Ask for Help: If taxes feel overwhelming, don't hesitate to reach out to a professional. They can guide you through the process and help avoid mistakes.

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Solve your tax worries in seconds!Free and easy state income tax calculator for every state.

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Worry about tax? Use our free and easy Federal Income Tax Calculator to estimate your tax in seconds.

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